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#087 _STORY INSPIRE: Decisions that transforman with Caleb Hammer · INSPIRE STORY

0:03
Speaker 1: The Joe Rogan Experience. Train by day, Joe Rogan podcast
0:08
by night, all day.
0:12
Speaker 2: Good to see you, sir.
0:13
Speaker 3: You too.
0:13
Speaker 2: Nice to meet you.
0:14
Speaker 1: Very nice to meet you too. I enjoy your content.
0:16
Speaker 2: Thank you.
0:16
Speaker 1: You're a very sensible person. And you deal with a
0:19
lot of very unsensible people. How do you fucking keep
0:23
your shit together when you talk to these people? We
0:26
tell everybody you're a finance guy. And did you start
0:29
out in debt and then figured out how to get
0:31
your shit together?
0:32
Speaker 2: Yeah, exactly. I was in college doing all the stupid
0:36
American things, right? So you got that unlimited student loan
0:40
debt for a bullshit degree. I was going for music composition.
0:43
So complete bullshit degree. Maxing out every credit card. One
0:47
of the first pieces of financial advice I got at
0:49
18 from the parents. Max out a credit card to
0:51
get the piano I wanted. So that's smart.
0:54
Speaker 1: Your parents gave you that?
0:55
Speaker 2: Yeah, it's just the average American experience. You just max
0:59
out a credit card. I don't know if your parents
1:00
taught you anything about personal finances, but most don't.
1:03
Speaker 1: It's bad.
1:04
Speaker 2: So this is maxing out every credit card, like everyone
1:07
that comes on the show, like every American out there.
1:11
We got $ 1. 6 trillion in credit card debt in this country,
1:14
by the way. Crazy amount. Crazy amount. Defaults are to
1:17
like 7%, which is insane. 7% of credit cards defaulting.
1:22
Speaker 1: That's crazy.
1:23
Speaker 2: Yeah.
1:24
Speaker 1: That is really nuts. Almost 1 out of 10 default.
1:27
Speaker 3: Yeah.
1:28
Speaker 2: It's absolutely insane. But we have more auto loans. debt
1:31
in this country than credit cards, too, which is even
1:33
crazier because Americans, you know, they're big pickup trucks and everything.
1:36
But either way, I was doing that. Got my Nissan
1:40
Altima and, you know, thinking I was sick driving around
1:43
and going into debt for that family debt, everything. It
1:49
was brutal, but it was the average American life. That's
1:52
what people are going through every single day. And I
1:56
finally got a wake-up call. I was sitting in my
2:00
shitty apartment that I could barely afford. And I realized
2:06
the life I wanted to live just could not be
2:09
sustained this way. I wanted to be a homeowner. It's
2:11
the American dream, pick a fence, all that shit. But
2:15
there's no way to do it with maxed out credit cards,
2:17
private student loans, public student loans, everything. It was a mess.
2:21
So got a sales job, just started grinding it out.
2:24
paying off the debt, fully funded emergency fund. That's what
2:28
I try to teach people now. But, you know, again,
2:31
the average American is kind of an idiot with money,
2:34
which is fair.
2:35
Speaker 1: Well, they're not informed, you know, which is one of
2:37
the things I think your content really helps because a
2:39
lot of people don't know what to do. You're in debt. Like,
2:43
how the fuck do I get out of this? And
2:45
a lot of people they know are in debt, so
2:46
they don't have good advice. They're not going to get
2:48
from their parents, right? So we're, you know, they have
2:50
to turn to somebody. And a lot of times, like,
2:54
Financial people online are very stiff, and they're not enjoyable
2:58
to listen to. But you talk shit, and you're very vocal,
3:02
and it's like, oh, okay, I get this guy. I
3:04
can relate to him. Tell me what to do. So
3:07
there's a lot of folks out there that connect with
3:09
you because of that, I think.
3:10
Speaker 2: Yeah, they call us the Jerry Springer of finance, which
3:13
I like. I take it. I take the ownership. They
3:16
meant it as a dig at first, but I take
3:18
it because it's fun. People don't go into financial topics
3:22
because– It's boring. Why are you clicking on a video
3:26
of a dude just like sitting at the camera? Just like,
3:28
you know, IRAs or this, no one's going to get
3:32
into that.
3:33
Speaker 1: Right.
3:33
Speaker 2: Personal finance class, like 40% of states, which is, or
3:37
almost 40 states out of the 50 states require a
3:40
personal finance class now, which is big progress over the
3:42
last decade. But I mean, I was a piece of
3:45
shit in high school. I'm sleeping through that class.
3:47
Speaker 1: Right.
3:48
Speaker 2: I'm not going to listen to things there. I, I couldn't,
3:51
I could barely pass math. Um, School is just boring.
3:54
So people still aren't going to pick it up there.
3:57
They want something a little more interesting to get into.
4:01
And we give them that with the roasts, the dramas,
4:04
the relationships of couples. Episodes are my favorite because there's
4:07
always financial stresses in relationship. And I don't know. If
4:15
that actually gets people into personal finances– That's the best.
4:20
That's the best because we get millions of views per
4:22
episode on all platforms.
4:25
Speaker 1: It's kind of a crime that they're not explaining to
4:29
people when they're young and in high school how this
4:31
could be a problem. They're trying to set you up
4:34
for life, but they're not setting you up for one
4:37
of the biggest problems that most people face. Credit card
4:40
debt and the big one, student loan debt because that's
4:43
the one you can't get away from.
4:44
Speaker 3: No.
4:45
Speaker 1: There's a lot of people that are just going, well,
4:47
I guess I have to go to college. And look,
4:49
higher education is great. It's good to be educated. It's
4:52
good to get an education. But if you're spending hundreds
4:54
of thousands of dollars for an education that you aren't
4:57
going to use at all, that might not be the
5:00
best thing for you. And when you're fucking 18, you
5:03
really don't know. You don't know what you want to do.
5:06
Speaker 2: Your parents don't know anything either.
5:08
Speaker 1: No, they might be retarded. You might have idiot parents. Well, no.
5:12
Speaker 2: The average parent in America is– go to any college
5:14
to get any degree and borrow whatever it takes.
5:17
Speaker 1: Yeah.
5:17
Speaker 2: Because college is the answer to all.
5:19
Speaker 1: Because it used to be.
5:20
Speaker 3: Yeah.
5:20
Speaker 1: It used to be the way that you got a
5:21
good paying job. You get out of college and hey,
5:24
you've got a degree. Oh, you got your master's. Well, you're, oh,
5:28
where are you going to live? Where are you going
5:30
to buy a house? Like you're going to be set.
5:32
What they don't tell you is that you are going
5:35
to be saddled down with insane amounts of debt. And
5:37
then that debt compounds. It keeps going. So like, I
5:41
was reading this thing. Maybe you can tell me about
5:44
what the actual numbers are. But they were talking about
5:47
the average actual debt that you owe but what you
5:50
wind up paying, what you actually wind up paying over
5:53
the 20 years that it takes you to pay it off.
5:55
It's fucking crazy. It's substantially higher than the initial loan.
6:00
Speaker 2: Part of it is laziness too. People get on like
6:03
that 20-year payment plan or 40-year payment plan because they
6:06
want to spend a little bit, you know, just a
6:08
little bit less right now. Because, I mean, it makes sense.
6:10
You get out of college. You want to get an apartment.
6:13
You want to live it up. You want to go
6:14
on nice dates and trips, all that good stuff. So
6:16
you do the little minimum monthly payment. But let me
6:19
think about it. I assume you have a mortgage, right?
6:20
Do you have a mortgage?
6:21
Speaker 1: Yeah. Okay.
6:23
Speaker 2: If you took that 30-year mortgage but you're like, okay,
6:24
I want to pay a smaller amount now. So let's
6:27
stretch it to 60 years. The interest in overall payment
6:30
you're going to do is insane. So the student loan,
6:34
a public student loan, it's actually a 10-year payment. That's
6:37
the standard. It's a 10-year payment. You'll be done in 10.
6:40
But people stretch it to 20 years. The repayment assistance
6:43
under Trump, the RAP plan, that can be as little
6:47
as 1% of your income on a monthly basis. That'll
6:51
never be paid off. Those people will have it forever.
6:54
It'll be forgiven in 40 years, it says. We'll see
6:57
because it's new. But when people are doing that, They're
7:02
going to have it forever. It's going to balloon and
7:03
then they're going to complain about it when they chose
7:05
not to just take the standard 10-year plan.
7:08
Speaker 1: I saw an article about people with social security. So
7:11
they're retired and their money, their social security money is
7:15
getting docked. It's getting docked because they're taking money out
7:19
of that to pay for your student loans.
7:21
Speaker 2: Yeah.
7:22
Speaker 1: That obviously didn't work out for you because you're retired.
7:25
literally in debt from that student loan while you're retired
7:28
from life. Yeah. Which is fucking wild.
7:31
Speaker 2: It is, but I'll be candid. I'm starting to not
7:32
have sympathy for the boomers. I'm really not best, best
7:36
job market ever. Best stock market in the history of
7:39
the world. Every single boomer, Gen X, whatever that's been
7:43
on my show, they lived it up and spent all
7:46
their money to live the lifestyle they wanted. And they
7:48
didn't even set 10% aside a month, 10% aside. They
7:52
had the best housing market, college, They were set up
7:56
for everything. If they just put 5% to 10% a
7:59
month aside in the stock market that they had, that
8:03
they had, they would be multimillionaires. Most of them would
8:08
be multimillionaires. But instead, we're in a situation where- I.
8:12
Speaker 1: Want a new BMW.
8:14
Speaker 2: Yeah. They can't pay their student loans. Social Security, 2033.
8:18
That's when the funds dry. So payments get cut by 25%. Yeah.
8:22
Speaker 1: 2033 is when the funds dry up for Social Security?
8:26
Speaker 2: Yeah, the actual fund that's sitting there. So every dollar
8:29
that goes out is money that's coming in. That's projected 2033.
8:32
Speaker 1: Well, we have to pay for transgender migrants. It's really important.
8:35
Some of them have back pain. They need to be
8:37
on Social Security forever.
8:38
Speaker 2: Yeah, we just had a clip go viral two days ago.
8:42
Transgender woman, Colorado.
8:44
Speaker 1: I saw the video.
8:45
Speaker 2: Yeah, taxpayer-funded boobs. That's nice.
8:48
Speaker 1: The way you explained it or the way she explained
8:51
it was hilarious. You know, like something about how her
8:55
body's priceless. So how much do they cost? They're free.
8:57
Speaker 2: Yeah. I can't blame her, though. I mean, the program's there, right?
9:01
Speaker 1: Of course.
9:01
Speaker 2: So I'd take it if I wanted some new tits.
9:03
Speaker 1: Of course.
9:04
Speaker 2: But it's crazy that we are. And of course, when
9:06
we filmed it was like two days after I wrote
9:08
a $ 4 million, you know, income tax check, whatever, to
9:12
the federal government.
9:13
Speaker 1: Right. And you're thinking about this, like, where's that money go?
9:16
Speaker 2: Going to tits. Not funding proper Social Security.
9:19
Speaker 1: Well, we were talking before about how Gavin Newsom wouldn't
9:22
do your podcast.
9:23
Speaker 2: Yes.
9:24
Speaker 1: But it's probably because like that kind of debt, when
9:28
you think about like California's debt and California's spending and
9:32
the waste and potential fraud, I look at it like
9:36
a garbage dump. Like someone saying, hey, go look into
9:40
that garbage dump and clean it up. I'm like, oh,
9:42
it's too much. And I think that's how most people
9:45
look at it. They look at it like, 24 billions
9:48
missing for the homeless how much money went to that
9:50
rail that fucking high speed rail like billions of dollars
9:54
later there's nothing done like what.
9:56
Speaker 2: Are you doing which is insane because America the leader
9:59
of the world, should have incredible high-speed rail.
10:02
Speaker 3: Yeah.
10:02
Speaker 2: I want it. I want to go to Dallas, Houston
10:04
in a couple hours on a high-speed rail. Maybe Texas
10:07
could do it, but just give California anything and they'll
10:10
find a way to mess it up and lose all
10:11
the money.
10:11
Speaker 1: Well, this is like– the rail one is crazy because
10:14
nothing's– but how much have they spent on the high-speed
10:16
rail so far? It's something bonkers. Billions? Some insane amount
10:21
of money, and nothing's been done. And there's this guy
10:23
on YouTube. Do you remember the guy on YouTube, Jamie?
10:25
He's on Instagram, rather. The guy was on Instagram who
10:28
says in the same amount of time that it took
10:31
California to not do that, this is what China's done.
10:34
And it just over and over and over again, all
10:36
the miles of high-speed rail they put in, all the this,
10:38
all the that, like for the same amount of money
10:41
that California spent, this is what could have been done.
10:44
It's crazy. Fucking nuts.
10:47
Speaker 2: Brightline's private.
10:48
Speaker 1: Spent an order of mid-teens of billions. Mid-teens, so far,
10:53
on the high-speed rail, roughly around $ 14 to $ 16 billion
10:57
as of the mid-2020s. How much of it is done, Jamie?
11:01
How much of that rail is done?
11:03
Speaker 3: Well, some of it is actually getting close to done,
11:05
I think.
11:05
Speaker 1: Oh, my God, amazing.
11:07
Speaker 2: To what, Bakersfield?
11:08
Speaker 1: Completed, I guess.
11:13
Speaker 3: Yeah.
11:14
Speaker 1: How much is completed? Completed. 14 feet. Very little.
11:22
Speaker 3: 119 miles are under active construction.
11:25
Speaker 1: Oh, 119 miles. Madeira near Bakersfield are under active construction.
11:29
What a great way to spend $ 14 billion. I bet
11:33
the homeless people are pissed. You could have spent that
11:34
money on us.
11:35
Speaker 2: And then once it's done, you'll get on the train.
11:37
You'll have fare evaders, people that just jumped over that
11:41
are doing drugs on the train.
11:42
Speaker 1: That's how I asked the questions. If you were 25
11:45
in 1990 and made an average U.S. salary for 40 years,
11:48
saving 5% to 10% per month in the S &
11:50
P 500, how much would they have now? They would
11:53
have around $ 2 to $ 5 billion, depending on exact assumptions.
11:58
Starting with $ 21, 000. Holy shit. That's what I'm saying.
12:01
Speaker 2: This is hard for me to— And they— we have the
12:05
best disposable income in the history of the world.
12:07
Speaker 1: This is how crazy inflation is. The average salary in
12:11
1990 was $ 21, 000.
12:11
Speaker 3: Wow.
12:15
Speaker 1: Isn't that nuts? Imagine if someone told you you had
12:17
to live off $ 21, 000 today. You'd be like, oh, fuck.
12:21
Speaker 2: And yet, even still, they could retire multi-millionaires. Even still,
12:24
even with that. It's beautiful.
12:27
Speaker 1: That is nuts if you know how to do it.
12:28
But how would someone start doing something like that?
12:32
Speaker 2: Honestly, low-cost index funds. I'm sure you've got a money guy.
12:35
But for the average American, there's these target date retirement funds.
12:40
So Fidelity or whatever you want to use, they have
12:42
essentially just pick, like, Within the five years that you
12:46
think you're going to retire, you just buy into that
12:48
and it balances it for you. It goes more aggressive
12:51
now and just more conservative by the time you retire.
12:54
It's so easy. There's no reason most people aren't doing it.
12:58
Even in their 401k where it's free money matches and everything.
13:02
It doesn't really make sense.
13:03
Speaker 1: So do you have to teach yourself all this stuff?
13:06
Speaker 2: I mean, I'll be honest. Pretty much any personal finance
13:10
book or just like Not even a class. Just watch
13:12
like a couple of YouTubers, the dry YouTubers that maybe
13:14
no one's watching. I mean you'll get it like this.
13:17
It's super simple, that kind of stuff. It gets a
13:20
little harder if you're thinking like what kind of perfect
13:22
insurances do I need? If you're trying to individually stock trade.
13:26
You know what scares me though? People in our position
13:30
right now, people under 30, 60 percent of them are
13:35
doing their portfolio trades based on the podcasters they're listening to.
13:40
That's what's scary to me.
13:42
Speaker 1: What? Really? Yeah, 60 percent. Which podcasts are giving them advice?
13:47
Speaker 2: Any personal finance. Any personal finance. No, even on like
13:51
Kik or Twitch. There's streamers. I'll log on in the morning,
13:54
just see who's streaming. And some of the top viewed
13:56
people are day traders.
13:58
Speaker 1: Really?
13:58
Speaker 2: With like 25,000 concurrent viewers that are getting hundreds of
14:02
thousands of views a day.
14:03
Speaker 1: So the kick streamers that are doing finance, are they
14:06
just essentially letting people know what they're trading and what
14:08
to trade? Exactly. It's crazy. So they're following along. So
14:11
you can basically just mirror them. So you can say, okay,
14:14
buy BlackRock. Whatever you want to buy, whatever they're doing,
14:19
sort of like the Pelosi stock trader.
14:21
Speaker 2: Yes, which I bought into the Pelosi fund.
14:24
Speaker 1: Yeah?
14:24
Speaker 2: It's doing really well.
14:25
Speaker 1: I bet it is. Yeah.
14:26
Speaker 2: I only put $ 1, 000 in there. I was a little scared,
14:28
but it's doing really well. It's beating my own money, guys.
14:30
It's kind of hilarious. She knows what she's doing or
14:36
her people knows what she's doing.
14:37
Speaker 1: Yeah. Yeah. Someone knows something. Yeah. They know something. It's
14:43
crazy that it's legal. It's crazy that you could know, oh,
14:47
we're going to do this big deal with AI chips.
14:50
And so NVIDIA makes AI chips. I'm just going to
14:52
buy a shit ton of NVIDIA stock. And then, boom,
14:55
we pass this thing. Hey, look at that, 500% increase. Whee!
15:00
Speaker 2: I think my thousand's up like 20%, 30% in just
15:02
a couple months.
15:04
Speaker 1: It's crazy. It's crazy.
15:05
Speaker 2: S & P 500, when he searched up, averages 10%
15:06
a year. So it's crazy.
15:12
Speaker 1: It is nuts. You know, and like what are the laws?
15:17
It's like you could clearly follow her. But what are
15:21
the laws in terms of like what she's allowed to do?
15:25
Like how much information is she allowed to have? Yeah.
15:29
Speaker 2: Well, that's what's hard to track, right? The insider trading
15:31
is hard to track. They're getting into that shit with
15:33
Kalshi now.
15:35
Speaker 1: Right.
15:35
Speaker 2: You know, some of the people that were in the
15:37
operation for Maduro in Venezuela– They're getting in trouble. George Santos.
15:41
You know George. Did you ever have George Santos?
15:43
Speaker 1: No, but he's hilarious.
15:44
Speaker 2: Yes, he's hilarious. But big investigation just opened up yesterday
15:48
or today.
15:49
Speaker 1: Oh, no. He just got a pardon for something else.
15:51
Speaker 2: He went on Instagram or something. And he was like, hey, guys,
15:58
I'm going to 100% be at the State of the Union. 100%.
16:01
I'm going to be there. Here's my seat. And then
16:03
he immediately bet that he will not be at the
16:05
State of the Union.
16:07
Speaker 1: Yeah.
16:07
Speaker 2: So four people close to him have been– Working with
16:11
the FTC on that.
16:12
Speaker 1: Oh, my God. He's retarded.
16:13
Speaker 2: Yeah.
16:14
Speaker 1: That's so dumb.
16:14
Speaker 2: After a pardon and everything.
16:16
Speaker 1: That's so dumb, bro. You got free. And you're fun.
16:19
You should just do a podcast. That guy should. Yes.
16:21
He could make millions doing a podcast. Yeah.
16:23
Speaker 2: He's been on other podcasts.
16:24
Speaker 1: He's good. He would be great.
16:26
Speaker 2: He's a sassy gay. He's perfect for the camera.
16:28
Speaker 1: Sassy, fun, smart, talks a lot of shit. He would
16:31
be great as a host of a podcast. Don't fucking
16:34
do scams like that. Yeah.
16:36
Speaker 2: Insider trading.
16:37
Speaker 3: So.
16:37
Speaker 2: I guess that's his future now.
16:38
Speaker 1: Was it Polymarket? What was it where they had odds
16:43
on things that we do and what we're going to
16:45
say and what guests we're going to have on? Probably
16:46
both of them. Probably both of them. I don't look
16:48
into it. We looked. I said, Jamie, shut that fucking
16:50
laptop and do not open that website ever again because
16:53
you could do it. Like, we could break it.
16:55
Speaker 2: I kind of want to.
16:57
Speaker 1: Anybody could.
16:57
Speaker 2: I'm not going to, but I kind of want to
16:59
bet that I would be on here.
17:00
Speaker 1: Right. Like, what are the odds? Like, you could probably
17:02
bet a substantial amount of money through some fucking offshore account. Yeah.
17:06
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Speaker 2: Both Pelosi, who knows? I mean, other people in Congress,
18:09
they want to pass something where they can only invest
18:12
in like large cap index funds like the S &
18:15
P 500. Mm-hmm. They're not passing it.
18:17
Speaker 1: They don't care. They don't care. It's also– it's completely bipartisan.
18:21
It's not like it's– Nancy Pelosi is the scapegoat. She's
18:24
the one that everybody beats on. But if you look
18:26
at it, it's red, blue, across the line. They're all
18:30
doing it.
18:30
Speaker 3: Yes.
18:31
Speaker 1: They're all trading. They're all making shit tons of money.
18:33
They all go into Congress broke. They all come out
18:35
rich as fuck.
18:36
Speaker 2: Yes.
18:37
Speaker 1: And they get $ 100, 000 a year. Fuck off. Fuck off.
18:42
It's crazy. What is– pull up the Santos case. Find
18:45
out what's happening. I'm fascinated by that.
18:47
Speaker 3: I mean, honestly, today's the second. I guess it was yesterday.
18:51
He was contacted by NPR.
18:54
Speaker 1: He was contacted by NPR?
18:56
Speaker 3: It was like, it's news to me.
18:58
Speaker 1: He said it's news to him? There you go.
18:59
Speaker 3: Reached by NPR.
19:01
Speaker 1: Well, that's news to me. When asked about the insider
19:04
trading probe underway, this activity on Cauchy, Santos said, I'm
19:08
not saying yes, I'm not saying no. When the NPR
19:11
questioned whether he had a Cauchy account, he wanted to
19:13
say the co-founder of Cauchy, Luana Lopez Lara, is a
19:16
fellow Brazilian whom he personally knows. He said he would
19:20
call her to get to the bottom whether an investigation
19:22
had been launched. Santos promised to update NPR on how
19:25
the call went. He did not respond to NPR's follow-up messages.
19:29
Speaker 3: Yes.
19:31
Speaker 1: The thing is, like, he had some crazy background discrepancies that,
19:38
you know, they deviated from the truth slightly. Right. There
19:42
was some other stuff. It wasn't just this. Like, that's
19:44
what the guy does. Yeah. But meanwhile, he's in this
19:47
amazing position. He's got a name. He's famous. People like him.
19:51
He's fun. And he got a fucking pardon from the president.
19:54
That's crazy. Like, bro, straight and narrow.
19:57
Speaker 2: Yeah.
19:57
Speaker 1: Get yourself a podcast. Get yourself a YouTube show. You
20:02
would make some real money. He would make some real money.
20:05
Speaker 3: Yeah.
20:05
Speaker 1: I don't know.
20:06
Speaker 2: I don't know what's going on with that guy, man.
20:07
I really don't. I think he's just trying to get
20:10
rich quick.
20:10
Speaker 1: Let's see. Jamie put it into perplexity. It says, he
20:13
built much of his public persona on false claims about
20:16
his biography, finances, and identity, and later also faced criminal
20:19
charges tied to deception and fraud.
20:22
Speaker 3: Damn.
20:24
Speaker 1: He falsely claimed degrees from Baruch. Is that how you
20:26
say it? Baruch College in New York and NYU. Even
20:31
saying he graduated summa cum laude, although he has no
20:34
college degree. He said he worked at Goldman Sachs and Citigroup.
20:40
Both firms reported no record of him as an employee.
20:43
Financial career, Santos portrayed himself as a seasoned Wall Street
20:47
financier and successful businessman, reporting a rapid jump in income
20:53
and large loans to his campaign while journalists found big
20:56
gaps and unclear sources of wealth. He claimed Jewish heritage
21:01
and that his grandparents were Holocaust refugees, later backing off,
21:04
saying he was Jew-ish. After his maternal family background, not
21:10
actually Jewish, he also made disputed statements about being a
21:13
landlord with a family real estate portfolio and about his
21:16
mother's death being related to 9-11, although she died in 2016.
21:19
That's crazy.
21:22
Speaker 2: What a king.
21:22
Speaker 1: There's a bunch more. Animal rescue claims. He said he
21:26
founded a nonprofit that rescued 2,500 cats and dogs, but
21:29
reporters found no records. of such an organization. Cultural and
21:34
lifestyle claims. Brazilian drag performer shared photos of Santos in drag.
21:39
He initially denied ever doing drag and later minimized it
21:44
as just dressing up for a festival when he was young.
21:47
That's a funny dude. He's a funny dude.
21:51
Speaker 2: Back to jail.
21:53
Speaker 1: He's fucked. He was sentenced to 87 months in prison
21:56
for wire fraud and aggravated identity theft with officials describing
22:00
his conduct as a mountain of lies, theft and fraud.
22:04
His short house tenure ended with expulsion after an ethics
22:07
report detailed misuse of campaign funds, including personal luxury spending.
22:12
Fucking dude, you could have been in jail for 87
22:16
months and you got out. And you blew it all
22:21
on a bet. Like, how much did he make off
22:23
the bet?
22:25
Speaker 2: It's very fresh, this story. I heard it on the
22:28
news this morning. Homie.
22:30
Speaker 1: I don't think it.
22:31
Speaker 3: Said specifically how much because it was more about what
22:36
he did. So I don't think they tracked his account.
22:38
I don't think they've announced, like, how much he bet
22:40
on it.
22:41
Speaker 2: And that is hard to trace, which is why I
22:43
think he did it.
22:45
Speaker 1: Right.
22:45
Speaker 2: I mean, those platforms are hard to trace. Yeah. I
22:48
think Polymarket, I think they're specifically like even just in
22:51
crypto on the back end.
22:53
Speaker 3: Oh, really?
22:53
Speaker 2: If I'm not mistaken, or in those similar kind of exchanges. So, like,
22:59
it's hard to track. So it's a good place to
23:02
insider trade, and he made some money. But I think–
23:04
I listened on the news this morning. It said four
23:07
people close to him reported him, though.
23:11
Speaker 1: Well, when you're that kind of a fraudster, allegedly, and
23:14
that kind of a liar, allegedly– You tend to not
23:18
have close friends that you could trust. You probably fuck
23:21
those guys over too. Yeah. If they're turning him in, allegedly.
23:26
I think it's funny though because it's like– it's really
23:29
unfortunate because he had a real opportunity. Like he became
23:32
a public person.
23:34
Speaker 2: Maybe he still does. Maybe he'll get another pardon.
23:37
Speaker 1: No.
23:37
Speaker 2: Who knows?
23:37
Speaker 1: I doubt it. I doubt he'll give him a pardon
23:40
for that.
23:40
Speaker 2: I don't know why he got the first one.
23:41
Speaker 1: He'd probably be so mad. If Trump got a phone
23:43
call from him asking for a second pardon– Why did
23:46
he get the first one? Do you know? I have
23:47
no idea. Let's find out. Let's ask.
23:50
Speaker 3: Yeah.
23:51
Speaker 1: Why did he get pardoned? There's a lot of people
23:56
that got pardoned where you're like, wait, what?
23:58
Speaker 2: Yeah.
23:59
Speaker 1: The Biden thing was nuts where they pardoned more people
24:02
than ever, ever, any president ever. And how much of
24:06
it was done with the auto pen? So he's literally
24:10
like barely there, right? We all agree at this point.
24:13
I mean, there used to be– oh, yeah, there's a stutter.
24:16
We all now say he was barely there. So someone
24:19
else was doing that. So what's the legality of that?
24:23
What is the legality of selling pardons?
24:27
Speaker 2: And the preemptive pardons too.
24:28
Speaker 1: Oh, those are nuts. How about for crimes that just
24:31
don't exist? You're not accused of anything. What'd you do?
24:35
He did not receive a pardon. His prison sentence was
24:37
commuted by President Donald Trump, which let him out of
24:40
prison early, but left his convictions in place. Interesting. In
24:43
October 25th, October of 2025, rather, Trump signed a commutation
24:51
for former Representative George Santos ordering his immediate release from
24:54
federal prison where he was serving a roughly seven-year sentence
24:58
for fraud and identity theft. Commutation shortens or eliminates the
25:02
punishment but does not erase the conviction or declare the
25:06
person innocent, unlike a full pardon. Trump said Santos had
25:10
been horribly mistreated and had spent long periods in solitary
25:14
confinement which Trump framed as too harsh for a rogue
25:17
politician compared with others. Commentators widely interpret the move as
25:21
fitting Trump's pattern of granting clemency to political allies and
25:25
loyalists rather than based on traditional justice system criteria. I mean, look,
25:31
it's a weird thing that you could do. The fact
25:33
that you're the president and you could just say, what
25:36
did you do? You robbed a bank? You're sorry. Get free. Meanwhile,
25:40
if you don't know the president, you're in the bank forever.
25:43
That is a crazy loophole that still exists that makes
25:47
no logical sense whatsoever. Yeah.
25:49
Speaker 2: You just help people around you or your kids, whatever
25:52
it is.
25:53
Speaker 1: Or a friend of a friend.
25:54
Speaker 2: Yeah.
25:55
Speaker 1: Donation.
25:56
Speaker 3: Yeah.
25:56
Speaker 1: Somebody hooks you up and you know them and their
25:59
cousin needs a thing and there's a guy and maybe
26:02
he did it, maybe he didn't. You can get him out.
26:05
Speaker 2: I mean, I'd pardon a lot of people if I
26:06
was president.
26:07
Speaker 1: I would pardon a fuckload of people. I get it. Well,
26:09
we've– on this show, we've done a lot of work
26:11
with my friend Josh Dubin who used to work with
26:14
the Innocent Project and now he works with the Ike
26:17
Perlmutter Center for Legal Justice and– or Criminal Justice. So
26:22
it's all people that are wrongly convicted and there's a
26:25
shit ton of them. And you find out that there's
26:27
these rogue politicians or rather prosecutors, these rogue prosecutors and
26:32
rogue DAs and rogue cops that just have fucking– Dozens
26:37
and dozens of bullshit convictions where they fucking hid evidence.
26:41
They absolutely knew the person that they arrested was the
26:44
wrong person. They don't care. They just want a conviction.
26:47
They don't care. They lose their ability to give a
26:51
fuck whether or not the person that's in jail is
26:53
actually guilty of that crime. And they justify it in
26:56
their head while he was a drug dealer or he
26:58
was a this or he was a that and he
27:00
fucked off his whole life. We're better off with him
27:02
being in jail. Let me go to Morton's and have
27:05
a steak.
27:06
Speaker 2: You take that and then you compare it with like
27:09
every violent crime that has happened in Austin this year
27:12
are people that have been repeat criminals just let loose. Oh, yeah.
27:17
Speaker 3: Yeah.
27:17
Speaker 1: OK.
27:17
Speaker 2: So locking up people that don't deserve it. And then
27:19
a guy, a guy off a 360 here in Austin
27:22
killed his family and he was let out a couple
27:24
of times before.
27:25
Speaker 1: Yeah.
27:26
Speaker 3: Yeah.
27:26
Speaker 1: I'm not a fan of that. That's a different thing.
27:29
you know, so you got both things, right? You have
27:32
these very liberal DAs who are letting people go if
27:38
they think that they're, you know, from a protected class
27:42
or if they've experienced racism or they've experienced some sort
27:46
of an unjust situation as a youth and they need
27:51
a second chance and the system is racist and so
27:54
you let them loose. But you've got people that You know,
27:57
like the guy that pushed someone in front of the
27:59
train in New York City had been arrested over a
28:01
dozen times. Like, the fuck are you doing? And there's
28:04
some kind of crazy statistic, particularly about New York City,
28:09
that something like 50% of all the crimes are by
28:13
a very small number of people. Oh, yeah. A very
28:15
small number of repeat people. And if those people were
28:18
in jail, literally crime, you could half violent crime, half robberies.
28:23
Speaker 3: Half.
28:23
Speaker 2: Half.
28:24
Speaker 3: Yeah.
28:24
Speaker 1: Fifty percent.
28:25
Speaker 2: It's crazy. I saw some people doing analysis of like
28:29
the kind of content and news we were getting in
28:32
2015 by people that I watched and liked, like the
28:35
Vlog Brothers and stuff on YouTube, where everything was about
28:38
the prison industrial complex, which I'm not saying is not
28:40
a thing. It's certainly there's definitely issues for sure. But
28:43
it was about how, you know, we have the highest
28:48
prison population and stuff. And again, these aren't untrue things.
28:51
But it started putting out all this unchallenged information about
28:55
how we are too critical in this country and too punishing.
28:59
And then what you started to see after that was
29:01
the politicians like the DA here, the DA in San
29:04
Francisco coming around the 2020 stuff after the George Floyd
29:07
situation and everything, where all of a sudden it was
29:09
beyond soft on crime, like beyond where they could do
29:12
any amount of property damage that they wanted in San
29:14
Francisco and just no challenges. So the DA in Chicago
29:19
that raised... I think the theft for felony threshold from
29:25
like $ 50 to $ 500 or something. It was something crazy.
29:29
So all that.
29:30
Speaker 1: Information– I think it was $ 900.
29:31
Speaker 2: Crazy. All that information that we were all consuming was
29:35
just unchallenged. All you had was like a boomer on
29:38
Fox News just yelling That was like the only challenge
29:42
to that kind of information that was coming around 2015.
29:44
And I was a fan of that information. I ate
29:47
it alive. And then now we're facing the consequences of it.
29:53
It's kind of crazy.
29:54
Speaker 1: Well, it's also you find out that there's sort of
29:57
a– a dark element to it all. And there's people
30:01
like George Soros and the open society foundation. And what
30:04
they do is they, they invest their money in politicians.
30:09
They invest their money in DAs and they get like
30:11
the most liberal, the most, you know, progressive, the one
30:15
who's going to do the most damage to the city
30:18
in terms of crime. And then he funds the next
30:22
guy to compete against him who's further left. And they
30:25
go further and further and further until you've got people
30:28
like The guy they got rid of in Los Angeles
30:30
that was just violent crimes. This guy pulled a knife
30:34
on a sheriff who was trying to attack a sheriff
30:37
with a knife. And then they let him out. And
30:39
then he hacked up some guy with his kids with
30:41
a fucking machete. In Malibu or in Santa Monica, wherever
30:44
it was. It's like you hear these stories and you're like,
30:46
this is fucking insane. When someone's a violent criminal and
30:49
they commit violent crimes, they need to go to jail.
30:51
And if you don't do that, you're going to encourage
30:53
people to do violent crimes. So why are these prosecutors
30:57
doing this? Why are these DAs doing this? Are they
31:00
doing it because they want to? Do they want society
31:03
to fail? Well, some of them do. Some of them
31:06
actually do. They would like our civilization to fall. They
31:10
think America is evil.
31:12
Speaker 2: Interesting. That's interesting.
31:14
Speaker 1: Elon is deep into it, man. I've had conversations with
31:17
him about it and he explains the way Soros does
31:20
it and that it's actually– it's a great investment because
31:23
like to invest in politicians in terms of like to
31:25
spend money on a campaign for the president, it's a
31:27
lot of money. Spend money on a campaign for becoming
31:31
the governor. That's a lot of money. But a local DA,
31:34
not that much money. And for a great return on
31:37
your investment, you can fucking tank a city by having
31:40
one insane DA. Like who is the guy in L.A.
31:43
they got rid of? Was it Garza? Was that what
31:45
his name? This guy was fucking out there. I mean
31:49
he was releasing all kinds of crazy criminals. And you're
31:53
like why would you do that? And there was a
31:56
podcast that I was listening to where there was a
31:58
former gang leader who was leaving Los Angeles because he
32:01
was saying it's getting too dangerous and they're about to
32:04
release thousands of people from prison because the prisons are overcrowded.
32:08
So they're releasing thousands and thousands of violent offenders. And
32:12
he was sounding the alarm for it, for a gang leader.
32:15
He's like, this is too hot. We got to get
32:17
out of here.
32:18
Speaker 2: That's the primary reason I'm against the things like all
32:22
the funding for the train in California. Specifically because I
32:27
actually really like– I'm a big advocate for public infrastructure
32:30
and even like dense living. Like I love– when you
32:33
visit a place that is like dense and really cool,
32:35
lots of community, I love that. We can't do that.
32:39
Because we have these people that just let the violent
32:42
criminals out. They let people hop fares in San Francisco
32:46
and smoke meth on the train. I want trains. I
32:50
want– so I wish Austin had an incredible subway system.
32:53
We can't if we keep letting out these– Horrible people
32:56
that will be everywhere. These people with mental health issues
32:59
that we won't put in a place that is more
33:01
humane than letting them sleep on the street. We'll let
33:04
them crash at the anytime. I mean, my girl, we
33:07
drive past a bus stop and we're just like we
33:10
would never ride a bus here.
33:12
Speaker 1: Right.
33:13
Speaker 2: Because just every I've seen people light up a meth
33:16
pipe on South Lamar at a bus stop. And there's
33:19
just people that are just sleeping there and you can't
33:21
even wait for a bus. I want these nice things.
33:25
We can have these nice things, but we can't if
33:28
we just let people overrun them.
33:31
Speaker 1: So what do you think if you had to put
33:32
on your tinfoil hat and really try to make an
33:37
assessment of like why this is happening? Like, why are
33:41
they allowing this? Why isn't no one done? What is
33:45
the sensible thing? Protect the peaceful, taxpaying, kind and compassionate
33:51
people of the city. From violent criminals. Why are you
33:54
allowing these people to continually be released? Why are you
33:57
so soft on crime? Like, what are you doing? Yeah.
34:01
Speaker 2: Well, honestly, definitely not as deep as Musk is on this.
34:04
But for me, I really think it's this political capture.
34:08
When you get in those ecosystems now online, you can
34:11
get on TikTok and it'll immediately figure out within three
34:14
minutes what group to put you in. And then you
34:17
hear no other perspective.
34:20
Speaker 1: Right.
34:20
Speaker 2: And we know young generations, especially young women, they've moved
34:23
more politically extreme than any other generation in the history
34:27
of the United States. And they've moved to the left,
34:29
you know, left, right.
34:29
Speaker 1: I don't care.
34:30
Speaker 2: But they've moved to the extreme version. And when you're
34:33
politically captured, you then vote for the people that are
34:38
more politically captured on that left. And there is a
34:41
lot of that moral masturbation that comes with it. It
34:44
sounds good. We had all that information around 2015, 2020
34:49
that anyone that's going to prison is– just for having
34:56
weed or anything like that. We're just evil as a society.
34:59
Speaker 1: Right.
34:59
Speaker 2: And when you get that and you start moral masturbating
35:02
about everything, it sounds right. Like things like rent control,
35:06
it sounds good. It sounds like the moral thing to do.
35:08
Not letting many– not just putting people in prison for
35:11
a long time. Sounds nice. Sounds nice. Not kicking people
35:15
off the street when they're homeless. It sounds nice. Not
35:18
doing those sweeps. It sounds nice.
35:20
Speaker 1: Yeah.
35:21
Speaker 2: And people that are politically captured online, especially in our
35:24
algorithms– It's just so brutal. And they just vote for
35:27
that on repeat because they hear no alternative perspective. And
35:30
even still, it's so politically captured now where it's like
35:33
if you disagree with one percent, you're a Nazi and
35:37
you're– get out of here. You're not one of us.
35:39
It's pretty brutal. I always considered myself like pretty left
35:44
of center actually. I'm probably more centrist now. Economically, I've
35:48
moved a little to the right over the past few years.
35:50
But– But compared to the people surrounding me in college
35:54
that were definitely like far left because, you know, music
35:57
school and all that stuff. But they were still algorithmically captured.
36:00
I was borderline like a Nazi because I just didn't
36:03
agree with everything.
36:04
Speaker 1: Yeah.
36:05
Speaker 2: You know, maybe the taxes shouldn't fund tits. Right. I'm
36:08
sorry if I'm a Nazi for that. Like we have
36:11
too much bloat.
36:13
Speaker 1: I think you're absolutely correct about the political capture. But
36:16
I think it's also manipulated. And that still doesn't account
36:19
for who's funding the DA campaigns. And the fact that
36:23
Soros does get involved in these kind of things and
36:25
not just him but others as well.
36:26
Speaker 2: Do you think he truly believes in it though? Like
36:28
this is the right thing. Like we have a prison issue.
36:33
Speaker 1: No. No, I don't think so. I think he banks
36:35
on it. I think– I mean he's made money off
36:37
of collapsing societies. It's like he's of interesting character. He
36:43
seems like completely immune to the consequences like spiritually. Of
36:48
what he does.
36:49
Speaker 2: Fair enough. It's a flaw of mine, I guess. I
36:51
just assume the worst until I see the best.
36:54
Speaker 1: So I just– That's not a flaw. You're a good person.
36:56
Speaker 2: Well, it's fucked me over a lot of times. But
36:58
like I mean I just assume that even if I
37:02
disagree with them politically, they think it actually has a
37:04
positive outcome.
37:05
Speaker 1: Yeah.
37:05
Speaker 2: I want to think that.
37:07
Speaker 1: I used to. I think now more they want to
37:09
pretend that they think it's going to have a positive
37:12
outcome because it justifies what they're doing. And then it
37:15
also– I think with politicians, it's really a self-serving thing.
37:19
They just know that people are politically captured. So they
37:21
say the things that the– like listen, Gavin Newsom in
37:24
any other world could easily be a Republican, OK? If
37:27
we were living in the 1990s, he might have been.
37:29
Like this is nonsense. Like his perspectives on things is
37:33
about personal gain. It's about his campaign and his image
37:37
and politics. That's why when he addresses any of the
37:40
issues with California, he always goes into this preplanned speech
37:43
about we're the biggest tech sector. We're number four in
37:46
the world. The world economy starts moving his hands around.
37:49
He's got a little fucking voodoo dance he does because
37:52
it's not really about addressing the situation. It's about framing
37:55
it in a very positive way so that he looks good,
37:57
so that he moves forward. That's what he wants to do.
38:00
Speaker 2: You're starting to see him come closer to center now
38:04
being opposed to the billionaire tax. And other things like.
38:07
Speaker 1: That in California. Well, because they're fucking leaving.
38:10
Speaker 2: They're leaving, but a lot of the– everyone running for
38:13
governor on the left was OK with the billionaire tax.
38:16
But since he's going to be eyeing for president, he
38:18
needs to be a little more sane. And, I mean,
38:20
pretty much every independent report says, yes, it will capture
38:24
tens of billions quickly, but it will lose hundreds of
38:26
billions over the long term because– The wealth that you
38:29
tax on a yearly basis is just leaving.
38:31
Speaker 1: It's not just that. It's a slippery slope. It might
38:34
start with billionaires. It will work its way down. It
38:37
will work its way down to thousandaires.
38:39
Speaker 2: Yeah, taxes typically have.
38:40
Speaker 1: They always do. And also they have the ability to
38:43
change the goalposts once the bill gets passed. The bill
38:46
gets passed. They don't have to have you vote on
38:48
who gets taxed more. And we can just decide. Like
38:52
Bernie Sanders used to rally against millionaires. It always used
38:56
to be millionaires. All these millionaires, that's the problem. They're
38:59
not paying the– and now it's billionaires. Why? Because Bernie
39:03
is a millionaire now. It's adorable. It's adorable in its transparency.
39:09
But like these fucking kids don't understand. Like there's a
39:13
giant number of kids today that come out of the
39:16
university system that think that communism– Is the solution. Oh, yeah.
39:20
Genuinely believe in it. Yeah, it's very scary because you're
39:24
literally saying, first of all, how does that get enforced?
39:28
How do you think it gets enforced? Who tells the
39:32
people that they have to give up their money and
39:33
their property? The fucking government. Then who's holding the military
39:37
and the property? The government. Oh, so the people with
39:39
the guns? Oh, so you want a military dictatorship essentially–
39:43
To be able to control all the finances, who owns
39:45
a home, who owns a farm, where the food comes from.
39:48
You think that's a good idea?
39:49
Speaker 2: It's never worked. I don't know why they're for it.
39:52
Speaker 1: Ever. There's not even a mildly decent version of it
39:57
out there. They can go, well, they're not as good
39:59
as us, but it's not too bad.
40:01
Speaker 2: I'll give them some credit. I'll give them a little
40:03
bit of grace. Sure, I think they're a little retarded,
40:05
but I'll give them some grace. A lot of times
40:09
when you ask them, those people that come out of college,
40:11
what communism is, they think it's like Scandinavia.
40:14
Speaker 1: OK.
40:14
Speaker 2: And socialism. That's how they define it. Not like very literal.
40:18
And those aren't socialist countries anyway. All their programs are
40:21
funded on capitalism. It's taxed through the income that's earned
40:24
on capitalism. So I'll give them that grace. But no,
40:28
it is true that many people are viewing communism in
40:31
general as more favorable.
40:33
Speaker 1: Yeah.
40:33
Speaker 2: And we know college is also very politically captured. It's
40:37
very politically captured.
40:39
Speaker 1: That's the danger. The danger is children are getting a
40:41
very distorted perception of what the reality of the world is,
40:45
like right out of school by people who don't live
40:47
in the world. That's what's so fucked. Like these people
40:50
that are teaching, they've essentially gone from being a student
40:54
to working in a university to being a professor. That's
40:57
their entire life. And they're telling you about the outside world.
41:00
They're literally prisoners who are telling you about things that
41:04
are going on in places where they never go and
41:06
never visit. You're not living in the real world. Your
41:10
concepts about socialism and communism that you're teaching these kids,
41:15
you don't live in the real world. You didn't start
41:20
a business. You don't get fired by one company and
41:24
hired by another, and you try to build your own
41:26
small business. You're not doing that. You're just teaching concepts
41:30
and ideas, which... Most people that have done those things,
41:34
that have jobs, that have started business, think are fucking
41:37
ridiculous and don't work and have never worked anywhere in
41:41
human history. And yet that's how you're employed to shape
41:44
young minds. That's crazy.
41:47
Speaker 2: They've looked at some universities and they look at the
41:50
political identification or doing pollings on different departments. And they've
41:55
had like sociology departments where it's– Like 300 Democrats and
42:00
one registered Republican. But again, I don't think there's anything
42:03
wrong with having a left-wing position or viewpoint. I'm not
42:06
saying that at all. Again, I agree with a lot
42:09
on the left. But when something where you're spending four
42:12
years has that ratio, it's going to get overwhelming in
42:18
terms of the information you get without any alternative perspective.
42:21
Speaker 1: Right.
42:22
Speaker 2: I was in college again in music school. And this
42:25
was the amount of just craziness that I was around.
42:29
Even though I'm slight– have those left-wing social positions, I'm
42:34
vehemently against that woke shit because when I was there,
42:38
we had a visiting professor talking about music. She played
42:41
a piece of music and she was like, OK, give
42:43
me your feedback. I just want honest feedback on this.
42:45
And I didn't really like it. I was like– To me,
42:47
I can't really describe it, but it's a little weird.
42:50
Then I had to listen to a 10-minute lecture about
42:52
how the word weird has been used for colonialism and
42:56
slavery and imprisoning people and murdering people of color and
43:00
people who have transitioned and stuff because I said the
43:03
word weird. It's politically captured.
43:07
Speaker 1: And there wasn't.
43:08
Speaker 2: No one would speak up against that. No one would
43:10
speak up against that. I don't know if there are
43:12
other normal people around me, other professors that didn't believe
43:15
what she was saying, but no one was willing to
43:17
because you'd be ostracized.
43:18
Speaker 1: Right.
43:19
Speaker 2: You'd be fucked. You wouldn't have friends there.
43:21
Speaker 1: Exactly.
43:22
Speaker 2: So when the ratio is something like 500 to 1
43:25
in certain departments, you're never going to get an alternative viewpoint.
43:29
So it makes sense that it gets more extreme. It
43:31
doesn't even have to be 50-50. But 500 to 1
43:33
is crazy. 200 to 1 is crazy. Even 50 to 1. Yeah,
43:37
for sure.
43:37
Speaker 1: Well, it's something. You need to have alternative perspectives from
43:41
respected people. They need to be able to communicate with
43:43
each other. That's what the real diversity is all about.
43:46
It's not just like where your fucking ancestors came from.
43:49
It's also diversity of thought, which is crazy that the
43:52
people that are really into diversity reject completely diversity. diversity
43:56
of thought. This idea that no one who is more
44:00
to the right of you could possibly have a point
44:03
is insane. Now, I'm with you socially. I'm very liberal. Financially,
44:09
I agree with you. I'm more– I tend to swing
44:12
more to the right because I believe in human nature.
44:15
My problem with the concept of socialism, it goes against
44:19
human nature. People– if you're going to– punish people who
44:24
are ambitious and reward people who are not. That's not good.
44:28
That's just not good for human nature. It rewards laziness.
44:33
It rewards people that feel entitled. It rewards this idea
44:36
that the government, that they should pay, that these rich
44:39
people should pay because they've done well. Well, why aren't
44:42
you doing well is a question that doesn't get asked
44:45
to these people.
44:46
Speaker 2: Well, the question of taxes is getting completely turned on
44:48
its head anyway. I've never been opposed to paying more
44:51
in taxes if it went to something good.
44:53
Speaker 1: Right.
44:53
Speaker 2: But people are no longer proposing it to go to
44:57
good things when you see it advocated online. Now it's
44:59
that person has a lot of money. Let's take some.
45:01
Speaker 1: Yes, exactly. And it's also very abstract. Like they should
45:04
pay their fair share. Shouldn't we? Figure out where the
45:08
fucking money is going first. When you have thousands and
45:11
thousands of NGOs, you have all these billions moving around
45:15
in very mysterious ways. You're not concerned with that. But
45:18
instead you want to take money from this guy who's
45:21
got this giant penthouse like that Ken Griffin thing. Where
45:23
Mamdani is standing in front of it like, look, this
45:27
guy has a $ 250 million. You're doxing his fucking house. Crazy,
45:31
which is.
45:31
Speaker 2: Stupid because now he's just going to take all the
45:33
wealth from New York and go down to Miami.
45:35
Speaker 1: I know, but it's a weird thing where some of
45:37
these Democrat socialist mayors, they don't seem to think that
45:41
that's a problem. Like that lady in Seattle is like, well,
45:45
if they leave, goodbye.
45:46
Speaker 2: Okay, I actually like Mondami as a person. I really
45:49
dislike the lady in Seattle as a person. She seems
45:52
like a bad person. Just laughing at people leaving, laughing
45:56
at wealth leaving, laughing at jobs leaving. They're not even
45:59
leaving Washington. They're going to Bellevue. They're going across the
46:03
river where Microsoft and everyone's building new campuses. They're leaving
46:07
Seattle and she's laughing at it. They have the second
46:10
highest downtown office vacancy in the country and she's laughing
46:14
at it. That's not a good person.
46:16
Speaker 1: Well, she's also never had a job, which is crazy.
46:20
Imagine your first job. You're the head of a fucking city. Yeah.
46:25
Speaker 2: Yeah. Well, then you end up with that. And now
46:28
people are leaving.
46:29
Speaker 1: And the thing is also interesting because one of the
46:31
things you said recently is that if they have bad landlords,
46:34
they might take the house. Have you seen that?
46:37
Speaker 2: Yeah.
46:38
Speaker 1: Which is like, OK, communism, you're going to capture real estate.
46:43
The farm is spending too much money for a tomato.
46:46
We're going to take over the farm. Like this is
46:48
North Korea. This is how it started. Give us your farm.
46:51
We'll feed everybody. Oh, great.
46:54
Speaker 2: I'd love to see that survive the courts. But it's
46:58
a crazy idea that– or even there. And of course
47:01
those bad landlords that we're talking about, they're usually like
47:04
rent-controlled units where they can't bring in enough money to
47:06
even maintain the units. So then the units fall. I
47:10
mean the percentage of units– I don't know. You can
47:12
look up the exact number but that are just sitting
47:14
empty because there's not enough money to put into them
47:17
just to bring them up to date is crazy. This
47:20
is the most populated city in the country. People need
47:22
places to live and we have a system right now
47:25
where people can't even bring units to rent up to
47:27
date for people to live in. So there's like 10
47:30
percent of rent-controlled units or something that are– or not
47:33
rent-controlled but it's brutal.
47:35
Speaker 1: Yeah.
47:37
Speaker 2: It's an absolute brutal system. It's performative in the end.
47:39
Speaker 1: But there's also this weird thing that goes on in
47:41
New York City with really expensive apartments where people buy
47:44
them and never live in them because it's just a
47:46
place to put your money.
47:48
Speaker 2: Which we do too. We do that overseas in Europe.
47:50
Speaker 1: Oh, do we?
47:51
Speaker 2: Yeah, yeah. American Billion. I mean billionaires all over the
47:53
world do that because real estate is just a good
47:55
protective asset. It's a good way to preserve. But no,
47:58
I mean it makes sense. And places like Texas have
48:00
banned people from China doing that. But it makes sense
48:04
from a wealth preservation standpoint. But it's shitty for the
48:08
residents of the city. So, I mean, I think it
48:11
would be fair for them to outlaw that if they
48:12
wanted to. Kevin O'Leary's counter perspective, though. Have you heard his?
48:16
So on that, and I don't know if I agree
48:18
with it, but it's worth considering, is that, OK, but
48:20
they're there. They buy it. They don't go there. So
48:22
they're not using any public services.
48:25
Speaker 1: Right.
48:25
Speaker 2: But they pay the property taxes into the public services.
48:27
So they're just a net contributor.
48:29
Speaker 1: Well, that does make sense.
48:30
Speaker 2: Yeah, but it is also a place that someone could
48:32
live that no one is living.
48:33
Speaker 1: Right. But when you're talking about these $ 100 million apartments
48:37
like the Ken Griffiths bought, like guess what? You're never
48:40
going to live there.
48:41
Speaker 2: Yeah, and they wouldn't have built it if they couldn't
48:42
sell it to people like him anyway.
48:44
Speaker 1: Exactly. That's the whole reason why they invested in the
48:46
property in the first place. There's that one that I
48:48
was looking at. They built this kooky fucking tower that's
48:53
like a popsicle stick. Have you ever seen that one?
48:55
And it's waving in the wind now. And it makes
48:57
weird noises and no one wants to live in it.
48:59
Speaker 2: I think some glass falls from it too, right?
49:02
Speaker 1: Really?
49:03
Speaker 2: I think so. The one right off Central Park.
49:05
Speaker 1: Glass falls? I don't know.
49:06
Speaker 2: That's happened a few times.
49:07
Speaker 1: I don't know. I watched a video on it. The
49:09
video was essentially talking about like the engineering that was
49:11
involved in making sure this thing anchors to the ground.
49:14
And you would think you have to worry about this
49:16
big thing that's really– and you would worry about sinking, right? Well, actually,
49:21
they worry about it lifting because the wind is slowly
49:24
rocking it back and forth. So it's fucking coming out
49:27
of the ground.
49:28
Speaker 2: And then the people just buy there and not even
49:30
live there. Wealth preservation.
49:31
Speaker 1: So it works. I don't think– I think they're having
49:34
a hard time selling spots. Because I think people were
49:36
probably– I would look at that. I'd go, I'm not
49:39
going to be able to sell this. So if you
49:41
do buy into it, you might be stuck with it.
49:44
Speaker 2: No, absolutely. I'm, again, down to pay more in taxes.
49:49
But like you said, there is the fear of like
49:51
where is the money going? Well, it scares me. I
49:53
want to have Mr. Marco Rubio, if he ever sees
49:55
this and runs for president on my show, the Pentagon
49:58
hasn't passed an audit in years.
50:00
Speaker 1: Even that alone. They're working on it.
50:02
Speaker 2: They're working on it for years, going on to a decade.
50:05
Speaker 1: They've never passed a budget, never passed an audit.
50:08
Speaker 2: It's crazy. Like that alone. I mean that alone. And
50:12
I know military is still– what is it? 10 to
50:14
20 percent of the federal budget. So it's a smaller percentage.
50:17
But the fastest growing category of the federal budget is
50:20
interest payments on our debt. That's the fastest growing category
50:24
in the federal budget. If that's the case, why are
50:27
we allowing the Pentagon to not pass an audit? We're
50:30
going to raise defense spending to a trillion dollars a year,
50:32
but it can't pass an audit? I want good defense.
50:35
I want broad defense. I want a lot of benefits
50:37
for our soldiers. It has to pass an audit.
50:41
Speaker 1: Yeah. Well, this is the thing. I mean exactly what
50:44
we're talking about. Like we're in favor of paying taxes.
50:47
It would be great if everything was nice. The schools
50:49
were great. The streets were clean. But when you know
50:52
that there's so much waste and there's so much fraud–
50:55
And then all they're saying is we need to make
50:57
people pay their share. Pay it to where? Where is
51:01
it going? Who's benefiting from it? When you see the
51:06
$ 24 billion that was spent on the homeless in California,
51:08
it's like you don't have any knowledge of where that
51:12
money went. You can't audit it. This is bananas. That's
51:17
so much fucking money. And not only has it not
51:20
been effective, it's been the opposite of effective. The homelessness
51:23
increased during that time.
51:25
Speaker 3: Yeah.
51:25
Speaker 1: So you spent all that money and more people are
51:27
homeless now than when you started.
51:29
Speaker 2: It's performative. It sounds good. It sounds good. It's all performative.
51:33
It's also jobs. That's what I hate about politics.
51:34
Speaker 1: It's jobs. There's so many people that have jobs in
51:37
nonprofits and they make an extraordinary amount of money.
51:40
Speaker 2: Well, that's why they should look to Houston instead of nonprofits.
51:43
It's $ 1. central city-run organization, and they've actually decreased homelessness
51:48
with like a 10% of the budget per homeless person
51:51
than LA. But LA has a network for every little
51:56
corner of the homeless services. It's a network of different
51:58
nonprofits and organizations. So it doesn't work. The city program,
52:02
one central city program did it in Houston, and it's
52:06
actually been working.
52:07
Speaker 1: How do they do it? What are they doing differently?
52:09
Speaker 2: Well, instead of these different organizations... that all have these
52:13
different incentives to maintain the jobs, like you said, and
52:16
not even report certain data. This is a city organization
52:20
actually held responsible by the people, by the voters, by
52:24
the city council. This is one place where the money goes.
52:27
It's not these endless nonprofit jobs. The incentives are just
52:31
misaligned across the board. Yeah.
52:36
Speaker 1: It's interesting that there are examples of cities that have
52:38
done it well. And we Austin had a real problem
52:42
in 2020, and they did a great job in cleaning
52:45
it up a little bit. But it's a small city,
52:48
you know, relatively.
52:49
Speaker 2: It's still pretty rough downtown, though.
52:51
Speaker 1: It gets rough. Listen, man, I have a club on
52:53
6th Street. I know.
52:54
Speaker 2: I go there all the time, and I almost get shanked.
52:56
Speaker 1: It's scary. It's wild. I think, though, that once you
53:00
get in, it's kind of exciting. Like, ooh, we made it.
53:02
Speaker 2: It adds to the show. I put my parents in
53:06
a hotel. We went to the rooftop patio hotel. And
53:09
it overlooked the alley right behind 6th Street. I don't
53:11
know if it was the other side of the road
53:13
or not, but the alleys are scary.
53:15
Speaker 1: Oh, yeah.
53:15
Speaker 2: It's brutal. It looks something out of like a Batman
53:18
movie from the 90s or 80s. I can't believe it's
53:21
actually allowed. And they say it's sympathetic. They say it's
53:26
sympathetic and nice to it. I don't know how that's
53:29
considered any more nice than any kind of– Gosh, forced
53:33
rehabilitation seems brutal. But the mental health places.
53:36
Speaker 3: Yeah.
53:36
Speaker 2: I know they weren't great before Reagan tanked that.
53:39
Speaker 1: It's better than a fucking alley. Exactly.
53:41
Speaker 2: It's better than an alley.
53:42
Speaker 1: Yeah. It's better than an alley. And there's another weird
53:44
thing about 6th Street is that 6th Street is like
53:48
this booming like bars and music and comedy. It's crazy
53:53
and it's loud and everybody's drinking. One block over is
53:56
a homeless shelter.
53:57
Speaker 3: Yeah.
53:58
Speaker 1: So you've got all these people that are drug addicts
54:00
and trying to stay clean. That's the other thing. You
54:04
can't do drugs and stay there, so people just surround it.
54:08
They surround the outside area, and they have their tents
54:10
laid out there. Not anymore. They kind of pull the
54:13
tents up, but you see those people there all the time.
54:15
But imagine you're trying to stay clean, and you're a
54:17
block away from madness. It's crazy. It's the dumbest place
54:20
to put them. Put them in the fucking country. You
54:22
see squirrels and hear birds chirp. Why are you putting
54:24
them right there?
54:25
Speaker 2: That's where I park when I go to a show.
54:27
When I go to a show at the mothership, I
54:30
park right next to the ark. It's scary. It's apocalyptic.
54:34
It really is. Even the police station just right down
54:36
the street, they surround that as well. Yeah. It's a
54:39
police station, and they're doing drugs.
54:40
Speaker 1: I know. It's fucking nuts.
54:41
Speaker 2: It's kind of crazy.
54:42
Speaker 1: It's nuts. Well, they're trying to do some things with
54:44
6th Street, and one of the things they're doing, they're
54:46
investing a lot of money and trying to open up
54:48
high-end places and restaurants and businesses. But, you know, it's
54:51
going to be a slow slog to try to clean
54:55
it up.
54:56
Speaker 2: I mean, I'm sympathetic. The people do need help. But
54:59
when homelessness is like, At minimum, 25%—this is reported from
55:05
polling done via homeless people, so can't 100% trust it— but
55:09
25% mental health issues. Like, what are you going to do?
55:11
You're just going to let them forever be wherever they
55:14
want and do whatever they want, endanger themselves and others?
55:16
There's a dude constantly wielding a machete down there that's
55:20
always just twirling it. When I had friends visiting, other
55:22
big podcasters, I took them downtown. The first thing I
55:26
saw on 6th Street was a guy spinning a machete.
55:28
It's like we're just allowing that. That's the sympathetic thing
55:31
to do. It doesn't make any sense to me. 25
55:34
percent forever.
55:34
Speaker 1: We're just going to allow them. That's a very low number.
55:37
Speaker 2: Yes, I think so.
55:39
Speaker 1: Being very kind by saying 25 percent, I would say
55:42
it's probably 80. Listen, if you– just by definition, if
55:47
you're a drug addict, you have a mental health problem.
55:50
Just by definition, you have an addiction. That's a mental
55:52
health issue. There's a physical aspect to it, but there's
55:55
clearly a mental aspect to it. It sucks. It sucks
56:00
that there's so many competing philosophies on how to make
56:03
a society run correctly. And a lot of them just
56:06
completely ignore reality. And we deal with the consequences of it.
56:10
And then you have people saying, oh, the billionaires aren't
56:13
paying their fair share. That's what's wrong.
56:15
Speaker 2: That's not what's wrong.
56:17
Speaker 1: What's wrong is you have a completely captured government. And
56:21
there's also this weird aspect to it where there's people
56:24
that are Working for nonprofits to make things better that
56:28
don't make anything better. They don't do a good job
56:31
at all because they're not beholden to all the pressures
56:34
that you would have if you were an independent business.
56:37
If you're an actual private business that was assigned a
56:40
task of cleaning up the homeless issue, you wouldn't make
56:45
any money if you didn't do a good job. You
56:48
would lose your business. Like if you had– if homelessness–
56:52
cleaning up the homelessness was an actual business– And you
56:55
started a private business to clean up the homeless and
56:58
you got all this money. Nobody would invest in your
57:00
company or your company would fall apart. It wouldn't work.
57:04
But because it's a nonprofit, you can have a $ 700, 000
57:07
a year salary and do a fucking terrible job and
57:10
have no fear whatsoever of being unemployed.
57:12
Speaker 2: Yeah, exactly. And another difference between Houston and L.A. that
57:16
I forgot to mention earlier, I mean, A part of
57:18
it is the cost of labor, cost of housing, but
57:23
a shelter or a room to put a homeless person
57:26
that is starting to get clean in Houston costs a
57:28
few hundred thousand dollars. It costs a million or more
57:32
in California. That's just– you can't compete against that. It's impossible. Now,
57:37
oftentimes that's California's own fault. Their laws and permitting issues
57:43
and red tape and environmental codes are crazy for buildings.
57:47
And the labor unions that they use for their building
57:49
contracts are very– they like to extort. So there's a
57:52
lot of issues there. Houston is able to build it
57:54
on the cheap, which means more people are able to
57:55
get in housing. But California is very set on the
58:00
housing first, which, again, is the moral thing. It sounds moral,
58:04
and it really started to take off a couple decades
58:06
ago where, OK, let's get someone into housing first and
58:09
then try to get them clean because no one is
58:11
going to get clean than housing. But Houston has been
58:13
trying to– and Texas cities have been trying to do
58:15
the opposite and it's been working where we try to
58:17
get people clean first and then get into that housing
58:21
and get their lives set up. Because people have been
58:23
going into these places in LA that are multi-millions of
58:25
dollars and trashing it. And they get like lore and
58:28
stories off of them. Like a dude that was like
58:31
building like chairs or something and then burned down his
58:36
apartment in LA. He was named like chair guy. Like
58:37
everyone knew him. It's just crazy that we allow that.
58:41
People that are not getting the help and support they
58:43
need because it's housing first because it sounds good. But
58:47
it hasn't been working. And I don't know why.
58:50
Speaker 1: I don't know.
58:50
Speaker 2: It's the political capture again. I don't know why we're
58:53
willing to do something for 5, 10, 15 years, see
58:57
it doesn't work, and then just say we have to
58:58
keep doing it and put more money towards it.
59:00
Speaker 1: Well, I think, again, what you're saying earlier about social
59:04
media and these echo chambers is really important because in
59:07
their world, this is the only thing to do. And
59:10
that all just gets this feedback loop where it's the
59:13
right thing to do, the only thing to do. And
59:15
they come up with reasons why it's not working and
59:17
then call everybody Nazis.
59:19
Speaker 2: Yeah, and that's why also those echo chambers are why.
59:22
When polled, younger people are more OK with violence against
59:26
people on the other side of the political aisle from them,
59:28
which is a very scary place to go. It's very scary,
59:31
especially when I see death threats all the time in
59:33
my inbox and doxing and shit like that. They call
59:37
me a fascist for saying don't spend more money than
59:38
you make. OK, so I'm a fascist. Now I'm afraid
59:42
for my life and I have to get security and
59:43
all this stuff. It's crazy.
59:45
Speaker 1: So you get threats for– like what specifically do they
59:48
get upset at? It's literally just saying don't spend your money?
59:52
Speaker 2: It's everything. They don't like that I do roasts. Consensual,
59:54
consensual roasts. Like I call a fat bitch a fat bitch.
59:59
But I had the conversation with her before. And if
1:00:01
she didn't want me to, I wouldn't have done that
1:00:03
because we have a no-no list where people get to
1:00:06
say what they don't want us to talk about. And
1:00:08
then I just won't talk about that.
1:00:10
Speaker 1: That's very nice of you.
1:00:12
Speaker 2: It is very nice. That's because we try to run
1:00:14
a moral, consensual show, all that good stuff. But I
1:00:16
love to roast people and just call out their features
1:00:18
and just dumb shit like that. So people get offended
1:00:20
by that, offended on behalf of someone who's not offended
1:00:22
in the first place, and then they get very angry.
1:00:26
I got a death threat on Twitter yesterday for saying
1:00:29
Americans spend too much money on cars. He said I
1:00:32
should– that it's crazy that Caleb Hammer is still breathing
1:00:36
air and that he should come up from San Antonio
1:00:38
and kill me or something.
1:00:39
Speaker 1: I don't remember.
1:00:39
Speaker 2: It was something like that. It's kind of crazy because
1:00:42
Americans spend too much money on cars.
1:00:45
Speaker 1: Maybe he sells cars. Maybe.
1:00:46
Speaker 2: But objectively, we do.
1:00:48
Speaker 1: Did you check his profile? Is it a real person?
1:00:51
Speaker 2: It said San Antonio. That's all I know. That's all
1:00:54
I know. I'm sure it was like a second profile.
1:00:58
He was responding to it.
1:01:00
Speaker 1: He was excited.
1:01:00
Speaker 2: He got his attention.
1:01:02
Speaker 1: That could be a crazy person.
1:01:03
Speaker 2: Yeah.
1:01:04
Speaker 1: Yeah.
1:01:04
Speaker 2: And we get emails all the time. No, people think
1:01:06
I'm evil because they say I don't talk about the
1:01:09
issues that led us here in the first place. But
1:01:12
it's a personal responsibility show. Because more people have agency
1:01:15
than they're willing to acknowledge. We're in the highest disposable
1:01:20
income society in the history of human existence. Not everything
1:01:23
is perfect. Cost of housing has gone up. Cost of
1:01:26
school has gone up. Cost of healthcare has gone up.
1:01:27
We can acknowledge those realities. But people have agency. People
1:01:31
have agency. The amount of going out to eat among
1:01:35
the Generation Z is insane compared to any other generation.
1:01:40
And not only that, but now for 25% of their
1:01:44
going out to eat multiple times a week is getting
1:01:47
food delivered. And that has a 90% markup, 90%. And
1:01:51
then they're complaining that they can't afford to, uh, pretty
1:01:54
much do anything, get a nice apartment or whatnot, but
1:01:56
if we're spending, uh, like a thousand dollars a month,
1:01:59
which is very normal for a person on my show
1:02:01
going out to eat, you're right. You can't get a
1:02:05
apartment of your dreams without When $ 1, 000 a month is
1:02:08
going to McDonald's and other places, cooking at homes become
1:02:13
like a burden, become a victim complex now. Well, actually,
1:02:16
that was another thing that triggered the internet. I kind
1:02:18
of agreed with Kevin O'Leary when I said, oh, young
1:02:21
people are broke because they spent $ 28 going out to eat. Well,
1:02:24
it's not that specifically only, but it's the death of
1:02:27
a thousand cuts. And yes, just $ 28 three times a
1:02:31
week becomes an actual halfway decent retirement fund if you
1:02:37
put it in the S & P 500 for a
1:02:38
few times a week. That does put off future goals
1:02:42
that you have. And the internet went crazy against me.
1:02:45
They hated me for suggesting that, that they shouldn't be
1:02:48
able to. They're like, well, how do we eat? Groceries,
1:02:51
meal prep, meal plan. This is what everyone's done since forever.
1:02:55
We live in the best period ever for humans. Best
1:02:59
period ever. Our jobs are better. Everything's better. Even when
1:03:03
you think of like buying the starter home in the
1:03:05
50s and whatever, you know, they were like the size
1:03:07
of this room that we're in right now, mass produced. Okay,
1:03:10
that's still a home that's great. You could buy, but
1:03:12
you were going to a job that you hated, that
1:03:13
you're sweating, that had no AC, where you're working with
1:03:16
your hands all day. And it was miserable. They didn't
1:03:19
like the jobs. They liked that they had a good
1:03:21
paying job. But now people go to the office and
1:03:24
they think they're a victim for not being able to
1:03:26
meal prep before going to the office, the AC office.
1:03:30
Like it's hard for me to sympathize with that, especially
1:03:32
when I filmed three of them a week. All 100%
1:03:35
real people, mostly Gen Z and millennials who are absolute
1:03:40
victims in everything. They are victims and everything. They think
1:03:45
if they don't get a 2027 brand new car instead
1:03:48
of a 2025 car that they're going to die. That
1:03:52
all of a sudden cars two years ago were the
1:03:53
most dangerous things. They have to get a 60 to 70,000-hour
1:03:56
car loan at a 20 percent interest rate or else
1:03:58
their kids will die.
1:03:59
Speaker 1: You've actually had that conversation? Every time. Do they think
1:04:03
that they're going to die?
1:04:04
Speaker 2: No, because the excuses they use is that I wanted
1:04:10
a safe car for my kids. That's fine. But is
1:04:13
the insinuation that 2024, 2023, 2022 cars would literally go
1:04:19
on the highway and blow up? Like, I don't understand.
1:04:22
They insist if they don't get a brand new car,
1:04:25
that it is not a safe car. That is an
1:04:27
argument every time with Americans, the $ 1. 6 trillion or $ 1. 5
1:04:32
trillion in car loan debt.
1:04:33
Speaker 1: So do you think that's just a lack of education?
1:04:36
Because like a car from 2020 is just as safe
1:04:38
as a car from 2026. There's no difference. Absolutely. There's
1:04:41
no difference in airbags, no difference in anti-lock brakes. There's
1:04:45
very few differences in any of the technology involved. In fact,
1:04:48
I tell people, especially people that want a nice car,
1:04:51
one of the best investments you can get is get
1:04:54
an electric car that's about two years old. Like electric
1:04:59
Porsches and electric Audis in particular, fucking nobody wants them, man.
1:05:03
Nobody wants the used ones. And they're still great. Oh, yeah.
1:05:06
And like, okay, let's look up an Audi e-tron. Look
1:05:11
up a 2023 Audi e-tron. How much does it cost
1:05:15
now to buy and what was it new? I think
1:05:19
it's like less than 50%. Yeah. So there's certain cars
1:05:24
where you buy them and they're worth as much a
1:05:26
couple years later, like a nice BMW or a Porsche.
1:05:29
Like you could get an M5, a BMW M5, and
1:05:33
then sell it a year or two later and lose
1:05:35
very little money, if any. You get a fucking electric
1:05:39
car– And you try to sell that bitch in a
1:05:41
couple years like an electric Porsche? Okay, look at this.
1:05:43
2022 Audi e-tron, $ 25, 000. 2023 Audi e-tron, $ 27, 000. Do you
1:05:44
know how fucking crazy that is? That is a 2023
1:05:46
amazing car. Those cars are fucking incredible. It's a technological
1:06:03
tour de force. They're fast as shit. It's all-wheel drive.
1:06:08
It's an SUV. A premium plus quattro, $ 27, 000. It only
1:06:16
has 37,000 miles on it. Those things don't have engines,
1:06:20
like a combustion engine. They don't have nearly the kind
1:06:23
of maintenance that a regular car does. You don't have
1:06:25
to change the oil. You just plug that bitch in.
1:06:28
You have a fucking amazing car. The battery range is
1:06:31
not the longest.
1:06:32
Speaker 2: That's the excuse they use. There it is.
1:06:35
Speaker 1: 226 miles is plenty for you to get to work
1:06:38
and get home.
1:06:39
Speaker 2: Thank you.
1:06:40
Speaker 1: And go out to dinner. And you can plug that
1:06:41
bitch in. I have a Tesla and it has like,
1:06:44
it's a Model S. What does the Model S have? Three, four.
1:06:48
Speaker 3: I can understand this, though, this argument that. this person
1:06:51
might not have anywhere then to charge it.
1:06:53
Speaker 1: That's an issue.
1:06:54
Speaker 2: That's so easy to get in your house now.
1:06:56
Speaker 1: But if you live in an apartment, that's totally fair. Yeah,
1:06:59
and if you go to one of those charging stations,
1:07:02
you're very vulnerable. If I was a chick, I'd never
1:07:04
get in a electric car if I didn't have a house.
1:07:06
Speaker 3: You have to do it every single day.
1:07:07
Speaker 1: Every day. Fair enough.
1:07:08
Speaker 3: Gas station once every 10 days or something.
1:07:11
Speaker 1: And how long does it take to charge up one
1:07:13
of those bitches? 30 to 45 minutes. So you'd have 30,
1:07:14
40 minutes every day. Oh, yeah.
1:07:19
Speaker 2: That's fair enough.
1:07:20
Speaker 1: That's fair. But you're getting a fucking bitching car for $ 27, 000.
1:07:23
Speaker 2: And more apartment complexes are installing those charging stations anyway
1:07:29
that you can just leave your car in overnight.
1:07:30
Speaker 3: I live in one, and you can never actually get
1:07:33
to the thing.
1:07:33
Speaker 1: Why is it? Because someone's always in there?
1:07:35
Speaker 3: They never move their fucking car.
1:07:37
Speaker 1: Oh, they keep it plugged in. And I don't know
1:07:38
whose it is, and you can't go call them. Flatten
1:07:40
their tires. Don't do that. I'm just kidding.
1:07:42
Speaker 2: But I try to think of options, right? Because there's
1:07:44
even the options of the place you work might have one.
1:07:47
Right outside my building, where we film, is multiple car
1:07:51
charging places. Parking, you go to work. So I'm not
1:07:54
saying everyone can do it.
1:07:56
Speaker 1: If you can do it, it's a great option.
1:07:58
Speaker 2: But even so, you can get used gas cars for
1:08:00
relatively similar. But they will defend to the death on
1:08:03
my show having to get a $ 60, 000 large SUV at
1:08:08
an insane interest rate for an eight-year loan. Eight-year term, crazy.
1:08:13
But you ask me, why are they doing it? It's American, baby.
1:08:18
That's American. That's freedom. You need a car to get
1:08:21
to your job, and you need a job to get
1:08:23
to your car. And our culture is built around the
1:08:26
house and car. You're a failure if you don't get
1:08:28
a house. You're a failure if you don't get a car.
1:08:30
It is American as it gets.
1:08:32
Speaker 1: That is true. And it is true that people want
1:08:35
a new one. They want a new one. That's part
1:08:38
of the status of owning a vehicle. You want to
1:08:40
be able to say it's 2026. Look, it has these
1:08:42
new features.
1:08:43
Speaker 2: It's fun.
1:08:44
Speaker 1: Apple CarPlay.
1:08:45
Speaker 2: And people actually care what the person next to them
1:08:47
thinks of the stoplight for some reason. I don't know why.
1:08:49
Speaker 1: Yeah, that's a weird one. It's a weird one, but
1:08:51
we do. And we especially do when we're not doing
1:08:54
that well. So you want like every single sign that
1:08:57
shows that you're doing well. You know, a nice watch.
1:09:00
a nice this a nice that a bag whatever it
1:09:02
is whatever it is that you need like a reward
1:09:06
for this job that sucks.
1:09:08
Speaker 2: Now oftentimes the poorest people I know are the ones
1:09:10
that have more souped up nicer cars and then they
1:09:14
have a shitty place to live but they prioritize that
1:09:17
because it's a wealth symbol it looks good Yeah. They
1:09:19
get the expensive clothes, the flashy items.
1:09:21
Speaker 1: That is true. But if you have money, a car
1:09:24
is one of the few things that you put money
1:09:26
into that you actually enjoy. You actually feel it when
1:09:29
you're driving around in it every day. It's exciting. It's fun.
1:09:32
Speaker 2: I just got my Model X. It goes fast, so
1:09:34
I'm happy.
1:09:34
Speaker 1: Those are great. That's it. They stopped making them. I know.
1:09:37
Speaker 2: It's really sad.
1:09:38
Speaker 1: They stopped making the S, too.
1:09:39
Speaker 2: I was actually sad that day.
1:09:41
Speaker 1: Me, too.
1:09:41
Speaker 2: That was a weird thing to get sad about, but
1:09:43
I was actually sad that day.
1:09:44
Speaker 1: Also, I was sad because I knew it was the
1:09:46
rise of the robots. Because they're using it to make
1:09:48
these fucking Optimus Prime robots, and they're going to be
1:09:51
flooding the streets everywhere. Yeah.
1:09:53
Speaker 2: I honestly think the Model X is one of the
1:09:55
best cars ever made.
1:09:56
Speaker 1: It's a phenomenal car.
1:09:57
Speaker 2: I love that thing.
1:09:58
Speaker 1: It dances. Tiffany Haddish has one, and she was in
1:10:00
the parking lot of the comic store, and the wings
1:10:03
go up, you know, and it starts dancing. It moves around.
1:10:05
I'm like, this is crazy. Like, it actually moves to music.
1:10:08
Speaker 2: Now that I have one of the last ones ever made,
1:10:10
I honestly, fuck, man.
1:10:13
Speaker 1: I really don't know.
1:10:14
Speaker 2: I don't want another car. It's actually really sad.
1:10:16
Speaker 1: Well, he told me– Elon told me it's super overengineered.
1:10:19
He's like the car is incredible. It's like one of
1:10:22
the safest cars you could ever drive.
1:10:24
Speaker 2: Well, I guess it's the last one I'll ever get.
1:10:26
It's a bummer.
1:10:29
Speaker 1: So when you are explaining to these people that a
1:10:33
car that's just a few years old is just as
1:10:35
good as a car that's now– does anybody go, hey,
1:10:38
you're right? Or does it like a natural inclination– Like
1:10:41
is this just this thing that they want, a status
1:10:43
symbol that's in their head that they need at 2026?
1:10:46
Speaker 2: People are very defensive on the show. I can convince
1:10:49
them of smaller things. Getting rid of a car in
1:10:52
our culture is usually a big thing to overcome. But
1:10:55
I'll see weeks later that they sat on it, they
1:10:58
thought about it. Then the video went uploaded and millions
1:11:01
of people shit all over them in the comments. And
1:11:03
they're like, okay, maybe I should get rid of this car.
1:11:06
So some people actually– many people do change their perspective
1:11:10
on cars. But that's a hard one to overcome. Telling
1:11:13
them to close a credit card, it's kind of easy.
1:11:15
Car is a big one. I've told people to not
1:11:17
get a house and they're really close to getting a house.
1:11:20
That's something they will not give up because that's another
1:11:23
obsession that we have in our country.
1:11:24
Speaker 1: So would you say not get a house today because
1:11:26
of interest rates?
1:11:28
Speaker 2: It's just interest rates. The overall marketplace, S & P 500,
1:11:31
it just beats real estate. Commercial real estate is good
1:11:34
to get for tax advantages. But the American dream isn't
1:11:37
owning a home anymore. It's the freedom of renting. Because
1:11:40
you can live wherever you want. You can move for
1:11:41
a job like that. Get in a house. You're stuck
1:11:44
in a house. It requires a massive amount of money
1:11:47
for a down payment. And it's just a lack of
1:11:50
flexibility in a generation and age where people want to
1:11:53
be more flexible and travel and explore and take new
1:11:56
jobs everywhere. But it also just doesn't make sense as
1:11:59
an investment anymore. It doesn't. It used to be the
1:12:02
defining trait of the middle class and one of the
1:12:05
largest wealth creating things for the middle class. But now
1:12:08
with the incredible stock market that we've had over the
1:12:11
past 50 years or so, it beats it every time.
1:12:14
If you rent and just put in your money into
1:12:17
the stock market instead of that down payment on a
1:12:20
house with a little extra for a mortgage, you'll win
1:12:23
every time. And then you get stuck. Let's say you
1:12:25
got the good interest rate. Everyone with the good interest
1:12:27
rate is stuck right now. Because they're not willing to
1:12:30
trade up for a house they actually want but with
1:12:32
a higher interest rate. So homes become like these people's prisons.
1:12:35
You can buy a home. That's great. If you know
1:12:37
you're going to stay somewhere and it's what you've ever
1:12:40
always wanted, there's nothing wrong with doing it. But it
1:12:43
is not that actually incredible financial thing that has defined America.
1:12:50
That being said, Americans suck at investing. So if the
1:12:54
only way for you to invest– is put your money
1:12:58
in a house that you literally cannot touch, maybe it
1:13:00
makes sense. Because if instead you need to put an
1:13:03
extra 20% to the market if you rent, but Americans
1:13:06
just want to go spend that on a vacation, then
1:13:08
maybe you're better off in a house because you need
1:13:09
that forced investing.
1:13:12
Speaker 1: Well, a lot of people don't feel secure unless they
1:13:15
own the home. They don't feel like settled. This is
1:13:18
not really my place. I'm just renting it. Yeah, which
1:13:21
is true.
1:13:21
Speaker 2: But I mean, I just tell them to fuck off.
1:13:23
That's your feelings. I mean that is just their feelings.
1:13:26
Speaker 3: Right.
1:13:26
Speaker 2: Like I don't know. Math is math in the end.
1:13:29
Like I own but that's because it was very affordable
1:13:33
for me. It made sense for me. But it doesn't
1:13:36
have to for everyone.
1:13:37
Speaker 1: Right.
1:13:37
Speaker 2: And that's OK. In renting, you don't have to do maintenance.
1:13:39
You don't have to get a new roof. You don't
1:13:41
have to deal with the AC going out and all
1:13:43
this stuff. If you're renting for especially even like larger corporations,
1:13:46
they're actually even better to rent for than a mom
1:13:48
and pa because they'll have someone on standby that will
1:13:51
fix your shit overnight.
1:13:52
Speaker 3: Right.
1:13:52
Speaker 2: Or a ma and pa landlord, you know, it kind
1:13:54
of sucks. It might take a couple weeks.
1:13:55
Speaker 1: Right, if they're not good. Yeah. What do you think
1:13:59
when you're talking to these young people that are talking
1:14:02
about their future, what do you think about what's happening
1:14:05
with AI and the potential for AI to displace jobs
1:14:08
and these people that are investing their future and going
1:14:11
to school and getting this job that might not even exist?
1:14:15
Speaker 2: Yeah, totally fair. It's a big fear. So I'm going
1:14:19
to start this part by saying I do— don't 100%
1:14:23
want to listen to anyone that says they know what's
1:14:26
going to happen. Because how can, there's the doom and
1:14:29
glooms that says everyone's job's going to go away. And
1:14:31
then there's those that say it's going to create a
1:14:33
shit ton of new jobs. I don't listen to any
1:14:35
of them. No one knows what's on the other side
1:14:37
of the hill of AI. But we do know AI
1:14:39
is coming. So there is the best things to prepare
1:14:42
for it. Trades, very smart. They've been smart for a while,
1:14:45
but they're very smart with AI because it's probably not
1:14:48
coming for an electrician job. Probably not. Degrees in general,
1:14:53
what degree you get in school has been one of
1:14:56
the largest and most consequential decisions that people have been
1:14:59
messing up for the past few years. And it's actually
1:15:02
one of the leading causes for that gender wealth divide
1:15:06
that is always talked about. When compared for the same job,
1:15:10
same person, same experience, which is never compared in that
1:15:13
study– It's actually 99%, very similar. But what we see oftentimes,
1:15:19
and I feel bad for the women my age with this,
1:15:24
is statistically them, they've gone and got lower paying degrees
1:15:30
and now degrees that are very susceptible to AI, which
1:15:35
is going to be very damaging for a large group
1:15:37
of people that are going to push them to become
1:15:38
even more radical. But women have gone and borrowed a
1:15:42
lot more money For degrees that provide a lot less
1:15:46
return on investment like sociology, psychology, the arts, things like that,
1:15:50
where you can't maybe even get a job. You're going
1:15:52
to be a barista. Or if you are going to
1:15:54
get a job, it's usually a lower paying job where
1:15:56
men have gone. We've fallen this thing in our society
1:16:01
where men have always tried to go to that higher
1:16:03
income side and give up a job they like for it.
1:16:06
So they'll go into engineering, the maths, the sciences, even
1:16:10
if they don't like it or the trades, very labor
1:16:12
intensive jobs. And even though AI, you know, they're susceptible
1:16:16
to some things in tech there, it's always been higher pain.
1:16:19
And that's what's made that gender wealth gap so heavy.
1:16:24
That and then women post birth is the second highest
1:16:28
leading cause. But when it comes to AI, people are
1:16:31
already making the mistakes in the degrees they've been getting
1:16:34
over the last 10 years. And now this is just
1:16:36
going to accelerate that even further. When it comes to
1:16:38
data entry jobs, things that are super easy, even unfortunately–
1:16:43
who knows if we'll allow it for therapists but it's
1:16:45
getting there pretty quick. People are willing to trust AI
1:16:48
way more than we thought in these psychology degrees and whatnot,
1:16:52
writing degrees, things that unfortunately that large sector has gotten.
1:16:58
They're much more susceptible to AI and it's going to
1:17:00
lead to– I think it's going to lead to a
1:17:02
lot more political radicalization and that's what scares me more
1:17:05
than anything. Yeah. The– was it the UN? A reputable
1:17:12
source said 40 percent of global jobs are susceptible to
1:17:16
being replaced by AI. Now, the more developed countries were
1:17:20
a little better. It's a little easier. But we're talking
1:17:23
about those that are doing like customer service jobs in
1:17:25
India and things like that. They're going to be damaged heavily.
1:17:28
We're going to be a little better in Europe, in
1:17:31
the United States, in Canada, Australia. But it's scary. And
1:17:36
people need to prepare themselves by trying to borrow the
1:17:39
least amount possible when they get their degree. Go to
1:17:43
community college if they can. And go into something that's
1:17:46
more AI resistant. Which to me is, again, things like trades.
1:17:51
Things that need that extra creative edge where AI doesn't
1:17:55
seem to be able to get there yet. Maybe it'll
1:17:58
be able to at some point right now. They're really
1:17:59
good at going through numbers and stuff. But that true
1:18:02
creative edge actually coming up with something new. That's what
1:18:06
I think people should be going towards in college right now.
1:18:08
Speaker 1: Yeah, I completely agree. Hold that thought. I have to
1:18:10
take a leak. Yeah, you're good. So one question that
1:18:13
I have for you is because you got a degree
1:18:15
that's not really a good degree financially. I dropped out. Yeah, well.
1:18:18
Speaker 2: But close.
1:18:19
Speaker 1: But going to school for something that's not viable financially.
1:18:23
Why do you think, and particularly women, why do you
1:18:26
think so many of them get these degrees in sociology,
1:18:29
get these degrees in gender studies, get these degrees in?
1:18:32
Things where you're just not going to be able to
1:18:34
make a living in what you're going to school for.
1:18:38
Speaker 2: Yeah, I think you can do a lot of good
1:18:41
in a lot of them. So if you're doing social
1:18:43
work like that. there and nursing actually does pretty well
1:18:46
but in that a lower paid part of medical you
1:18:50
know you're doing a lot of good um we we
1:18:53
spent a lot of decades doing trying to really fix
1:18:58
the percentage of college we were having like men men
1:19:01
men men all it was only men going to college
1:19:05
and we put a lot of effort into into women
1:19:07
going to college a bit more to catch up, which
1:19:09
is fair. That was good. I am for that. But
1:19:13
once they got there, just, uh, fuck why they're doing it.
1:19:18
It's harder to say, but they definitely do more gravitate
1:19:21
as a cohort towards those lower pain degrees, like psychology
1:19:24
and whatnot. And I don't know, men just go to
1:19:27
the higher pain degrees. I don't know if it's something
1:19:29
in our culture Or men feel like they need to
1:19:31
be a breadwinner or whatnot.
1:19:32
Speaker 1: Yeah, that's what I'm wondering if that's what it is,
1:19:35
the need to be a provider and the thinking like
1:19:37
these low-paying jobs are not going to be able to
1:19:40
give me any money. Yeah. How am I going to provide?
1:19:43
How am I going to have a family? How am
1:19:44
I going to pay the bills?
1:19:46
Speaker 2: Yeah. Men are starting to kind of fall off that
1:19:50
platform though. Yeah. I don't know if you've been watching
1:19:52
the trends, but now it's closer to like 60%, 65%
1:19:56
of new degree holders are women. And men are just
1:20:00
not going to college anymore. 65% really? It's pretty crazy.
1:20:05
It's like 60 or 65%.
1:20:06
Speaker 1: Wow.
1:20:08
Speaker 2: It's getting pretty intense.
1:20:11
Speaker 1: Well, what are men doing instead?
1:20:13
Speaker 2: There's a lot of losers. There are a lot of
1:20:15
losers where they're not getting any education. They're not looking
1:20:20
for any kind of job. They're not even collecting unemployment.
1:20:22
They're literally just sitting on their ass. That is a
1:20:24
big cohort of people right now.
1:20:27
Speaker 1: What's causing that?
1:20:29
Speaker 2: Um, well, fuck, uh, there is a lot of the
1:20:32
red pill victim mentality. I don't know if I want
1:20:34
to fully enable it, but I mean, maybe there's some
1:20:37
justification a little bit, but they think that everything's against them. Uh,
1:20:41
they think that DEI specifically was preventing them from going
1:20:46
to work and preventing them from going to school that, uh,
1:20:49
schools politically captured. There's a survey done that of people
1:20:53
that were choosing not to go to college, 30% said
1:20:57
that it's because 30 or 40 percent said it was
1:20:59
because college is becoming too politically captured. So there is that.
1:21:05
Then they don't have jobs. They don't have skills. They
1:21:08
don't have experience. So it's harder to get a job.
1:21:10
It's easier to just kind of sit at mom's home,
1:21:14
play video games, do drugs.
1:21:16
Speaker 1: Jesus, that's bleak.
1:21:18
Speaker 2: It's bleak. And the gender wars are horrendous right now.
1:21:21
I don't know if you see any of it online,
1:21:23
but the gender wars.
1:21:24
Speaker 1: Are The gender wars.
1:21:26
Speaker 3: Oh, yeah.
1:21:27
Speaker 2: Young women just being so anti-men and young men being
1:21:30
so anti-women and cheering against each other. It's horrible.
1:21:36
Speaker 1: It is horrible. Like uniquely new?
1:21:40
Speaker 2: Much more than ever before.
1:21:41
Speaker 1: What do you think is causing that?
1:21:44
Speaker 2: A lot of it started in the 2016 election. A
1:21:48
lot of women got very angry that Trump was elected.
1:21:51
And they followed something that happened in South Korea as well.
1:21:55
Where the women said, no men, no dating, no sex.
1:22:00
There was a term for it, but they were just,
1:22:02
they cut off everything. And there was a little, little
1:22:04
bit of that movement after the 2016 election here in
1:22:07
the United States as well. And then it gained as
1:22:09
much traction, but this is very divisive. And it goes
1:22:13
back to the algorithm that we were talking about earlier
1:22:15
as well. A lot of people get put in those
1:22:19
echo chambers where, you know, you need to have a
1:22:22
villain and the men are the villain or the women
1:22:24
are the villain. The women are the reason men aren't
1:22:26
doing well. The men are the reason women aren't doing well.
1:22:30
The men have been holding us back forever. They've been,
1:22:32
you know, keeping us in the kitchen and everything like that.
1:22:36
Speaker 1: The 4B movement.
1:22:37
Speaker 3: Yes.
1:22:38
Speaker 1: Women boycotting men. Anti-men movement. 4B movement is a radical
1:22:42
feminist rebellion that emerged around 2015. It's named after four
1:22:46
Korean terms, starting with BI, meaning no. BI, no heterosexual marriage. B. Cholson,
1:22:55
no childbirth. B. Yane, no dating men. B. Seku, no
1:23:01
sexual relations with men. Okay. Participants argued this is not
1:23:07
about misandry, but rather a drastic method to opt out
1:23:10
of an intensely patriarchal society and protect themselves from gender-based
1:23:14
violence such as digital sex crimes, spy cams, and workplace discrimination.
1:23:21
Speaker 2: So it picked up some pretty big steam here in
1:23:23
the United States after 2016 as well.
1:23:25
Speaker 1: But I got to think that everyone who's saying no
1:23:27
dating men and no sexual relationships with men isn't attractive.
1:23:33
Speaker 2: Probably not. But sexlessness among young people is so high
1:23:38
compared to any other generation right now.
1:23:39
Speaker 1: Very high. Very high virgin rate, which is really odd.
1:23:42
We're finding a lot of– and a lot of them
1:23:43
like identify as Christian and that's the reason why they're
1:23:46
saying– or Catholic is the reason why they're saying they're virgin.
1:23:49
I'm like, what's happening? You don't get horny? What are
1:23:52
you doing?
1:23:52
Speaker 2: It's interesting.
1:23:53
Speaker 1: You don't like people?
1:23:54
Speaker 2: I've had a lot of people on my show say
1:23:55
they want to have sex but can't have sex. So
1:23:59
I guess they haven't used that cope, the religious cope.
1:24:01
But I don't know. But that's another example of the radicalization.
1:24:06
So they just blame each other. Like, OK, Trump got elected.
1:24:10
Many of the women in this country that lean to
1:24:12
the left didn't like it. So they got very upset.
1:24:14
They blamed the men for electing him. Men blame women,
1:24:17
DEI policies, which, yeah, there are things to complain about.
1:24:20
I do get it, like on both sides probably. But
1:24:23
they've just gone so extreme. So there's a gender war
1:24:25
right now where it's just trying to nuke the other side.
1:24:28
Speaker 1: Is this spillover into real life as much or is
1:24:31
this a lot of people that spend way too much
1:24:33
time on the internet already?
1:24:34
Speaker 2: Definitely more that than anything. Definitely more that. But the
1:24:39
unfortunate real life consequences– lead to that loneliness online because
1:24:44
the real life consequences that people are staying inside and
1:24:47
on screens and more lonely than ever. So that's the
1:24:50
real life impact. You know, they're not going out and
1:24:52
talking about the 4B movement on the corner of the street,
1:24:56
but instead of going out like they used to and
1:24:58
having more friends, they're sitting inside and complaining about it
1:25:01
on Reddit. So that is the real life consequences. It
1:25:05
becomes online.
1:25:06
Speaker 1: Yeah. It's just so strange that these people don't recognize
1:25:11
that you have a finite time to exist and you're
1:25:14
spending all your time like captured in these like fucking
1:25:18
stupid echo chambers.
1:25:19
Speaker 2: Feels good to be a victim though because everyone online
1:25:22
that is in your little ecosystem they give you the
1:25:25
thumbs up they make you feel reassured feels.
1:25:28
Speaker 1: Good complaining is exciting people do love to complain yeah
1:25:32
It excites you. It gets you going.
1:25:37
Speaker 3: Whether this is accurate, I think this gives a little
1:25:40
insight into the Korean 4B movement. This is a post
1:25:42
on Reddit from two years ago, but this paragraph here is.
1:25:48
Speaker 1: Oh, about Korea?
1:25:48
Speaker 3: Yeah.
1:25:49
Speaker 1: Yeah, so we're talking about a country where a woman's
1:25:51
career can be jeopardized for something as innocuous as wearing
1:25:53
a T-shirt that reads, girls don't need a prince, or
1:25:56
for liking a Women's March post on Twitter, even if
1:25:59
it was seven years ago. I'm not exaggerating. Incidents like
1:26:02
this have occurred as recently as last year. We're talking
1:26:05
about literal termination of a contract due to a heart
1:26:08
made on a post regarding women's safety issues on Twitter
1:26:12
dating back to seven or more years ago due to
1:26:16
incel gamers throwing a fit. So they have an incel
1:26:19
problem in Korea, too. Also, low replacement rate. Worst in
1:26:24
the world, yeah. Korea is really bad. Is it the worst?
1:26:27
It's worse than Japan? It's worse than the world.
1:26:29
Speaker 2: Cultural collapse within a few decades, yeah. By the end
1:26:31
of the century.
1:26:33
Speaker 3: Yeah.
1:26:33
Speaker 2: South Korea is done. But no, it's true. And like
1:26:36
I said, like there are valid logics to it. I'm
1:26:40
not saying like everyone is just doing it inherently to
1:26:44
be evil. But if your outcome is to become radicalized
1:26:47
into something like the 4B movement … No one should
1:26:50
be fired from wearing a dresser like in a post.
1:26:52
Speaker 1: Right. You know? It's crazy.
1:26:53
Speaker 2: But to become radicalized and start this thing where it
1:26:56
divides the genders because we have more political division in
1:27:01
the Gen Z gender than any other generation, more religious division.
1:27:06
It's crazy. And to fuel that because things have been
1:27:09
not perfect.
1:27:10
Speaker 1: So when you say political division, so– Is it that
1:27:13
young men are going to the right and young women
1:27:15
are going to the left? Is that what it is?
1:27:17
Speaker 3: Yeah.
1:27:17
Speaker 2: When you do– when they've done tracking and polling of
1:27:20
post-election results and how people have voted, age groups and
1:27:24
gender groups, they've seen that men have moved to the
1:27:27
right a little bit. But women dramatically since 2016 have
1:27:32
moved to the pretty far left. Young women, not millennial
1:27:36
or Gen X or boomer women especially, but Gen Z
1:27:40
women have moved Very far to the left.
1:27:44
Speaker 1: I wonder what changes, if anything, in that when women
1:27:47
have children. Because one of the things that I found
1:27:50
is that my friends who wound up having children, my
1:27:53
female friends, they almost all started moving to the right.
1:27:57
They almost started all recognizing that there's real safety issues.
1:28:02
There's real crime issues. They're wondering where their tax money goes.
1:28:05
They see corruption and fraud. Things that they never really
1:28:08
talked about at all when they were single and– Didn't
1:28:11
have a child. But as soon as they get married,
1:28:13
as soon as they have children, then they start going, hey,
1:28:15
fuck this place. So many of them wound up moving
1:28:19
out of L.A. right after they had children. And so
1:28:22
many of them started moving into a different sort of ideology.
1:28:27
Speaker 2: But people have to get married and have kids for
1:28:29
that to happen. And we just hit our lowest birth
1:28:31
rate in the United States.
1:28:33
Speaker 1: Is it the lowest ever replacement rate?
1:28:35
Speaker 2: Yeah, if I'm not mistaken, yeah. It was before the
1:28:38
last time we had actual replacement. rate was before the
1:28:41
Great Recession. And ever since then, it's just gone off
1:28:43
a cliff.
1:28:43
Speaker 1: That's why we need immigrants.
1:28:45
Speaker 2: Well, I mean, actually, yes. Well, we do need some immigration.
1:28:51
Speaker 3: Of course.
1:28:51
Speaker 2: Because we need a growing population because you don't want
1:28:54
to be like South Korea.
1:28:56
Speaker 3: Yeah.
1:28:56
Speaker 1: Or Japan.
1:28:57
Speaker 2: You can't have a collapsing population because you use the argument, sorry,
1:29:03
not you, but people could use the argument, they'll destroy
1:29:05
our culture if we let in all these immigrants. And yes,
1:29:07
of course that would happen if you just let anyone
1:29:09
in no matter what, uncontrolled, sure. South Korea is also
1:29:12
going to lose their culture because their population will not
1:29:15
exist by the end of the century. So there's multiple
1:29:18
ways to lose a culture, but I'm a big proponent
1:29:22
of selective, high-skilled, Good proportional immigration. And I think honestly–
1:29:27
I think that's the more bipartisan issue. That's where like
1:29:30
Bill Clinton was in the 90s and whatnot. So I
1:29:32
think that's fair. Open borders is fucking crazy. I don't
1:29:36
know what was– I didn't even realize what was going on.
1:29:40
Speaker 1: It's nuts. I have friends that were down there that
1:29:42
went to the border and then say you have to
1:29:44
come to understand it. You have to see it. It's
1:29:46
fucking insane. Like you see the numbers of people coming across.
1:29:49
Like how is this real? There's no vetting right into
1:29:53
the country. Whee!
1:29:55
Speaker 3: Yeah.
1:29:56
Speaker 2: So I'm on an economic issue because I always go
1:29:59
back to economics. I don't get as fired up about
1:30:01
the social stuff, but I do like some kind of
1:30:04
immigration for sure. Some people are like completely anti-immigration, but
1:30:08
I like some kind of immigration because we do need
1:30:10
a growing job pool specifically to maintain an economy so
1:30:14
that people my age can retire. If the dependency ratio
1:30:19
of every person not working for every working person is
1:30:24
getting close to one for one in South Korea. In
1:30:27
the United States, when we implemented social security, it was
1:30:29
closer to like 60 to one. Now, the United States
1:30:31
is like, it's like five or 10 to one. It's
1:30:35
going in the wrong direction. And if for every one
1:30:38
working person, you have one person not working, the whole
1:30:40
system breaks. And that's what we're starting to see in
1:30:43
places like South Korea. So we can't become that. So
1:30:45
if people aren't fucking, people aren't making babies, you got
1:30:48
to bring some people in. But selective, high skilled, What
1:30:52
gets scary is if you start fucking up an economy
1:30:55
enough with really bad policies, you get brain drain and
1:30:58
then immigration. So you see what happens in Italy, Spain,
1:31:02
the United Kingdom.
1:31:03
Speaker 1: Brain drain. Yeah.
1:31:05
Speaker 2: Educated people. They're born there typically or they even emigrate
1:31:09
there and they become very educated. They're the ones that
1:31:12
are going to contribute to the tax base, create jobs,
1:31:17
do higher skilled jobs, great doctors, everything's like that. But
1:31:21
they look around them. The economic policies have failed. So
1:31:23
they come to the United States. And then there's only
1:31:27
the immigrants that have come in that aren't able to
1:31:30
replace that brain because they come from somewhere where no
1:31:33
fault of their own is just less educated. So they
1:31:37
aren't able to contribute to that tax base. We're actually
1:31:39
starting to see something similar in L.A. right now with
1:31:42
the wealth flight and brain drain. Though the net migration
1:31:47
in L.A. is not looking the absolute worst, people that
1:31:50
were contributing there moving away and providing to the tax
1:31:54
base versus people that are coming in and aren't being
1:31:57
true net contributors is becoming horrendous. And they're looking at
1:32:00
like a billion dollar deficit coming up pretty soon for
1:32:04
the city of L.A. It becomes very scary. So that's
1:32:07
why I rail against performative policies. Because I don't want
1:32:10
to end up like a place like the UK where
1:32:12
it would rank 51st out of all 50 states, by
1:32:14
the way, in terms of GDP per capita, which is
1:32:19
absolutely crazy. Worse than Mississippi. And then if you're having
1:32:26
immigration while that's happening, all you have left is just that.
1:32:29
Just that. And all your high-skilled people went somewhere else.
1:32:32
Same thing is happening in Canada. They become educated in
1:32:34
Canada and they go down to Silicon Valley for a
1:32:37
high-paying job because they don't pay as well in Canada.
1:32:40
But if we start reversing that with bad policies, you
1:32:43
start looking a little more like LA and their budget
1:32:46
is not looking really good.
1:32:48
Speaker 1: It's interesting how pragmatic financial discussions are problematic. Like people
1:32:54
don't like it and they look at it and like
1:32:57
you're just– you're not talking really even about politics. You're
1:33:00
just talking about pragmatic decisions in terms of like how
1:33:03
do you invest your money, how to save your money,
1:33:04
how to do that. That becomes right wing. Oh, yeah.
1:33:07
That becomes somehow or another cruel. It's like categorized in
1:33:12
that way as heartless. Yeah.
1:33:14
Speaker 2: People will clip that last moment and say I'm anti-immigrants.
1:33:17
Like that's going to happen.
1:33:19
Speaker 3: Yeah.
1:33:19
Speaker 1: But it's not.
1:33:20
Speaker 2: It's this literal economic theory that we're seeing in the
1:33:24
real world right now that's tracked and trackable. The Labor
1:33:27
Party acknowledges– the left-wing Labor Party in the United Kingdom
1:33:30
acknowledges the wealth flight and brain drain. This isn't a
1:33:34
right-wing position. This is just reality.
1:33:37
Speaker 1: It's interesting though that people like in general don't think
1:33:41
of it that way. People in general think of it
1:33:44
like someone who discusses finances, someone who's like very financially astute,
1:33:48
gives pragmatic advice. That's a conservative person. That's a bad person.
1:33:52
Speaker 2: They do think so. They say I'm right-wing coded. That's
1:33:55
something I see a lot. White-ring coded or my vibe
1:33:59
is off because personal responsibility.
1:34:02
Speaker 1: Yeah. But what do you think– why do you think
1:34:05
personal responsibility is thought of that way? Is it because
1:34:09
people cherish this idea that they're a victim and they
1:34:12
hold on to it as part of their identity? And
1:34:14
if you challenge that and say, no, some of this
1:34:17
is your fault, then you're being cruel. You're being– you're
1:34:22
a sociopath. You're a fascist.
1:34:24
Speaker 2: There's a large group of people that want people like
1:34:26
me or Dave Ramsey to just give them a hug.
1:34:30
And then complain about the systemic issues that got there
1:34:32
in the first place.
1:34:33
Speaker 1: Right.
1:34:34
Speaker 2: You can vote. That's great. Go vote for a policy change. Wonderful.
1:34:39
But you do have a little bit of agency. And
1:34:41
I'm not going to talk to you about what policy
1:34:43
you should vote for because that's going to require millions
1:34:45
of people to overdo a system that you don't like.
1:34:47
What you do have control on right now is whether
1:34:50
or not you swipe the card somewhere. Whether or not
1:34:53
you get a high interest rate credit card or get
1:34:54
a bullshit degree from a private institution out of state.
1:34:57
You have those controls right now. And they don't like that.
1:35:03
One of the biggest complaints that people like me and
1:35:05
Dave Ramsey get is, why aren't you talking about the
1:35:07
system that got you there? But that's not the conversation.
1:35:11
Speaker 1: It isn't.
1:35:12
Speaker 2: It's a one-on-one personal financial conversation. Let those people fix
1:35:16
their lives. Budget. That's why I made a budgeting app, DollarWise,
1:35:21
by the way. It's for that kind of thing.
1:35:22
Speaker 1: What is that?
1:35:23
Speaker 2: I made a budgeting app called DollarWise with my team.
1:35:25
Speaker 1: It's called DollarWise? Dollar. DollarWise.
1:35:28
Speaker 2: Yeah.
1:35:28
Speaker 1: Okay.
1:35:30
Speaker 2: So the average person can actually budget and take some
1:35:33
personal responsibility instead of just falling on the victim mindset.
1:35:37
Speaker 1: So this app, what do you do? You put in
1:35:39
your income. You put in your bills. Yeah. Yeah.
1:35:42
Speaker 2: It's that automatic account connections through multiple different services that
1:35:47
So you get your accounts connected and you get to
1:35:49
immediate insights that show where your money is going, what
1:35:53
you can do to actually improve your life, and the
1:35:56
steps you need to take. It fully guides you in
1:35:58
that process.
1:35:59
Speaker 1: So were you motivated to do this just based on
1:36:01
these conversations you've had with people that don't know what
1:36:03
the fuck to do?
1:36:04
Speaker 2: That and to make a shit ton of money. But
1:36:06
both have worked pretty well.
1:36:08
Speaker 1: But yes. Which is funny. You're making a shit ton
1:36:10
of money by people that can't figure out how to
1:36:12
save money. Yeah.
1:36:13
Speaker 2: But if, hey, if they make more money because they
1:36:15
save money and I make more money, that's capitalism.
1:36:17
Speaker 1: It's a value.
1:36:18
Speaker 2: Yeah, exactly.
1:36:18
Speaker 1: You're providing a value.
1:36:19
Speaker 2: No, I mean, that's the point. Like I used, did
1:36:22
you ever use Mint?
1:36:24
Speaker 3: No.
1:36:24
Speaker 2: You remember Mint?
1:36:25
Speaker 1: Okay.
1:36:25
Speaker 2: So it was a big budgeting app a long time ago.
1:36:27
But for some reason, the service that bought it shut
1:36:30
it down. And that's what everyone was using. But even then,
1:36:32
I remember I stopped using it. Like many people, most
1:36:35
people fall off of budgeting apps because they're just burdensome.
1:36:39
It takes a long time to figure out the systems
1:36:41
and they're just over-engineered for the personal finance nerd that
1:36:45
loves every little detail. So the average person doesn't do it.
1:36:47
So we just built something simple that just shows people
1:36:50
immediately where their money is going and what they need
1:36:52
to do to change. So that's what we focused on
1:36:55
when we engineered this thing.
1:36:57
Speaker 1: And so– When you're having all these conversations with all
1:37:01
these different people that have– like these terrible budgets, doing
1:37:05
a terrible job of taking care of themselves, do you
1:37:08
ever get this feeling like that you're not helping? Like
1:37:11
this is like an insurmountable problem. You're sticking your finger
1:37:14
in a dam and there's a fucking million leaks and
1:37:17
this is not going to work?
1:37:19
Speaker 2: To a certain extent, yes. Luckily in the United States,
1:37:22
we have some tools that help. So– If someone's in
1:37:26
that situation where the dam's about to burst, everything's about
1:37:28
to just blow up, they can go through bankruptcy. But
1:37:32
bankruptcy does not make sense. And this is what a
1:37:34
lot of people mess up. Bankruptcy doesn't make sense unless
1:37:37
you actually change the behavior that got you there in
1:37:39
the first place. Because we've had people that have come
1:37:42
on my show that have been through bankruptcy twice and
1:37:44
now we're there again. It makes no sense. You can
1:37:47
get rid of the dam. You can get rid of
1:37:49
it by bankruptcy. But you're going to build up that
1:37:51
thing to explode again if you don't actually fix the behavior.
1:37:54
So people take shortcuts through credit card consolidation, debt consolidation,
1:37:59
personal loans, all that good stuff. Those are good tools.
1:38:02
But if people don't actually fix their behavior first, they're
1:38:06
going to fuck it up. So Dave Ramsey is vehemently
1:38:10
against debt consolidation for a reason that is fair. I
1:38:13
don't like being anti-something 100 percent because personal finances is personal.
1:38:18
But this is his argument and it's kind of fair.
1:38:20
You build up this much in credit card debt from
1:38:22
here to here. And then you can consolidate it into
1:38:26
this new debt. So this is one new debt that
1:38:27
consolidated this down to zero. But now what happens is
1:38:30
the credit card limit is still all the way up there.
1:38:33
So people now have this debt. And then without changing
1:38:35
their behavior, they build the credit cards back to here.
1:38:37
So now you have double the debt. That's the issue
1:38:39
with debt consolidations and not changing the behavior. So his
1:38:42
philosophy is correct. But what we try to teach people
1:38:45
on my show is that change the behavior that got
1:38:49
you in that first stack in the first place. And
1:38:51
if you can prove that you can follow a budget
1:38:53
for a few months, then you can take that shortcut
1:38:55
by consolidating and then probably just close those cards so
1:38:58
you can't use them. But the same thing applies for bankruptcy.
1:39:01
So that's why our show is simple stuff. You just
1:39:04
fix the spending. You get it under control. You'll live
1:39:08
in even Elizabeth Warren's 50-30-20. She's the one that pioneered 50-30-20,
1:39:11
which is 50% on needs, 30% on wants. 20 percent
1:39:17
on savings. That's Elizabeth Warren's rule. And she's relatively correct
1:39:21
on that. Doesn't apply to everywhere like L.A., New York,
1:39:24
of course. But if you can follow that and prove
1:39:28
you do it for a few months, then you can
1:39:30
go through bankruptcy. You can use a personal loan. And
1:39:32
that solves the damn issue. It solves the bigger issue.
1:39:36
Speaker 1: Yeah. The changing your behavior thing is very hard for people.
1:39:39
Speaker 2: It is.
1:39:39
Speaker 1: And it's also very hard for people when that spending
1:39:42
of the money is the only reward you get for
1:39:44
a job you hate.
1:39:46
Speaker 3: Yeah. It is.
1:39:47
Speaker 2: And I'm the one talking to them and I'm a
1:39:49
fat fuck. So like I get it. Like I haven't,
1:39:51
you know, fully taken control of my health behaviors and
1:39:56
eating behaviors. So I know that it's hard to fix it.
1:40:00
But oftentimes the people on my show, I've been in
1:40:03
the exact same situation. I was when I was 20, 21.
1:40:07
And I've seen what it's like on the other side.
1:40:10
Just like many people in your position have seen what
1:40:12
it's like on the health on the other side. You
1:40:15
know how good it is. So you want other people
1:40:17
to do it. And since I've been through that personal
1:40:19
finance side and gone through the work, I can at
1:40:23
least help hold people's hands and show them what it's
1:40:26
like to go to the other side of that tunnel,
1:40:29
to put in the work, the temporary sacrifice of a
1:40:31
few years and really live the rest of your life
1:40:34
in such a better way.
1:40:37
Speaker 1: Yeah. It's just changing behavior requires a change in perspective
1:40:42
and it requires something. And for some people, they have
1:40:45
to hit rock bottom or they have to have some–
1:40:48
they have a birth of a child. Like something rocks
1:40:50
them into reality and they go, whatever the fuck I'm
1:40:53
doing right now, it's not the right path. But it's
1:40:55
just so hard for people when they're playing this blame
1:40:58
game and they're looking at successful, wealthy people as being
1:41:02
the– we'll get Jeff Bezos and his fucking yacht. That
1:41:04
has nothing to do with you. It's not why you're broke.
1:41:08
And you should look at him and go, how the
1:41:10
fuck did he do that? How can I do that?
1:41:12
I want a yacht. Fuck it. Let's go. But no
1:41:15
one's doing that. They're, they're instead deciding that they're a victim,
1:41:18
deciding that the game is rigged, deciding that there's a
1:41:22
cap on their ability. But meanwhile, this is, if there's
1:41:26
any place on earth where you have the ability to
1:41:29
rise from the bottom to the top, this is it.
1:41:33
This is the spot. There's no place better. You can
1:41:36
say it's not fair, but it is. What does that mean?
1:41:39
It's possible. You could do it. People have done it.
1:41:42
You just have to figure it out. And you have
1:41:44
to spend less time playing video games, less time smoking weed,
1:41:47
less time doing nonsense, and more time plotting your fucking future.
1:41:52
Figure out what it is. I think there's also a
1:41:54
problem in a lot of people have something that they
1:41:58
really want to do that they're not doing. And they're
1:42:01
not pursuing that. And so then they're even more bitter
1:42:04
because they're spending time doing this job that they hate,
1:42:06
which sucks. They think it's taking away from their ability
1:42:09
to do this other thing, which sucks. And then they
1:42:11
come up with all sorts of rationalizations for why they're
1:42:13
not doing it. Yeah.
1:42:15
Speaker 2: But what you said is 100 percent correct. But let
1:42:18
me let me phrase it back.
1:42:20
Speaker 3: Yeah.
1:42:20
Speaker 2: It's not fair. The world isn't fair. Now what?
1:42:24
Speaker 3: Right.
1:42:25
Speaker 1: It is what it is. Like it is.
1:42:26
Speaker 2: OK, so accept that. Are you going to sit on
1:42:29
it and cry? Like that's the only option, right? It's
1:42:31
that or do something.
1:42:32
Speaker 1: But you're denying people's feelings, Caleb. I am. You're denying
1:42:36
people's feelings and that's very right coded.
1:42:38
Speaker 2: Yeah.
1:42:40
Speaker 1: That is, right? That's the argument, isn't it? It is.
1:42:43
It is.
1:42:43
Speaker 2: Like I don't know, man.
1:42:46
Speaker 1: Right coded is fun.
1:42:48
Speaker 2: If people just– if they're getting the bullshit degree and
1:42:51
they borrowed a shit ton of money for it, that's
1:42:53
not my fault. I didn't do that. The system Bezos
1:42:57
didn't do that either. They say, well, sociology and stuff
1:43:01
should pay more. Okay, the market's determined it didn't. So
1:43:04
now what? You still get to choose what you do,
1:43:07
what business you start. You might fail a thousand times,
1:43:10
but you have so much more agency than people right
1:43:13
now are willing to accept. And that's all I really
1:43:15
care about telling people in the end. That's all. You
1:43:18
have agency. Take some personal responsibility. You are not the
1:43:21
disabled person that actually does not have agency.
1:43:23
Speaker 1: Right.
1:43:24
Speaker 2: Because there are people that don't.
1:43:25
Speaker 3: Right.
1:43:26
Speaker 2: You're not that.
1:43:27
Speaker 1: Right. Yeah, it's so important to say. And I think
1:43:30
as much as it's probably frustrating when I brought it
1:43:33
up that you're putting your finger in this dam and
1:43:36
there's 100 holes, I really do think that you have
1:43:39
a positive impact because I really do think there's a
1:43:42
lot of people– I mean you get millions of views.
1:43:45
There's a lot of people that are watching these conversations
1:43:47
and it resonates and they go, this is me. He's
1:43:50
talking to me and he's right. Fuck. What do I do?
1:43:54
And at least it puts them in this mindset that
1:43:57
a change needs to take place. Yeah, exactly. And then
1:44:00
you give them tools. You give them– you explain to
1:44:04
them what the steps that they can take. And that's–
1:44:08
the fucking crazy thing is they're not getting this from school.
1:44:12
School is not teaching you how to organize your future,
1:44:15
which is fucking a critical skill, a critical piece of knowledge,
1:44:20
like having a path that you can actually follow.
1:44:24
Speaker 2: I think it's– a lot of the time it's the–
1:44:27
A student counselor is there because I remember being in school,
1:44:29
in high school, and the student counselor, I met with
1:44:31
her once a year, and the only conversation is, what
1:44:34
do you want to study in college? That's all they
1:44:37
cared about. And it's fair for most people. College does
1:44:40
still have like a 60% premium on those without a
1:44:43
degree on average. But that's the only conversation, and it
1:44:46
is becoming less and less valuable as every year goes on.
1:44:50
And if that's all school cares about, they don't care
1:44:52
to even show you how to– OK. I mean full–
1:44:56
admission here and I'm going to look like the most
1:44:58
beta pussy in the world, but I don't know how
1:45:00
to do a fucking oil change. I don't. Why didn't
1:45:03
school teach me that?
1:45:04
Speaker 3: Why?
1:45:05
Speaker 2: Why wasn't there any life skills? Now I have the
1:45:08
personal responsibility. I can go teach myself that right now,
1:45:10
but I have a Tesla, so I don't need to.
1:45:12
But why wasn't there anything about actual life? The only
1:45:18
thing there was to do was go to college. Nothing else.
1:45:22
That was the only conversation.
1:45:23
Speaker 1: When I went to high school, we had auto shop.
1:45:25
Speaker 2: Yeah.
1:45:25
Speaker 1: So I did learn.
1:45:26
Speaker 2: I think they got rid of it the year before
1:45:28
I went.
1:45:29
Speaker 1: Really?
1:45:29
Speaker 3: Yeah.
1:45:30
Speaker 1: Oh, my God. When I went to high school, I
1:45:32
went to Newton South High School. And there was this
1:45:35
guy who ran the auto shop that was a Mustang enthusiast.
1:45:39
That's what he loved, old Mustangs. And he would, like,
1:45:42
fix them. And he would take his cars and teach
1:45:45
kids how to fix his old Mustangs. He had, like, 1960s,
1:45:48
early 60s, like 65, 66. He liked the small Mustangs.
1:45:53
It was a fucking very interesting guy and he would
1:45:55
explain to you like how spark plugs work. Like this
1:45:59
is your carburetor. This is why it's jammed. This is
1:46:03
how the internal combustion engine works. He would explain it
1:46:06
to you. He would like teach you things, teach you
1:46:08
like general maintenance stuff on cars. And it was very valuable.
1:46:12
Teach you how to jack up a car to like
1:46:14
how to do it safely. Where's the jacking point? Where's
1:46:16
the lift points on the bottom of a frame?
1:46:18
Speaker 3: Yeah.
1:46:19
Speaker 2: And home ec classes too.
1:46:20
Speaker 3: Yeah.
1:46:20
Speaker 2: Used to be a big thing.
1:46:21
Speaker 1: Teach you how to cook.
1:46:22
Speaker 2: It's falling away. And now, of course, now that we
1:46:24
don't teach people how to cook, they're complaining about not
1:46:27
eating out.
1:46:27
Speaker 1: So disappearance of traditional shop classes did not happen overnight.
1:46:31
It happened in distinct phases. 70s and 80s budget cuts.
1:46:36
Major tax revolts such as California's Proposition 13 in 1978
1:46:39
decimated public school budgets because maintaining workshops, buying heavy machinery,
1:46:44
and securing liability insurance were expensive. Shop programs became easy
1:46:48
targets for elimination. 1990s college prep push. High schools shifted
1:46:53
their focus to standardized testing and four-year university preparation, marginalizing
1:46:58
vocational training. Which meanwhile, which is really crazy, what you're
1:47:02
saying earlier today or earlier on the show is very important.
1:47:05
It's like Trades might be the only secure pathway. Becoming
1:47:09
a carpenter. Becoming an electrician. Heating and ventilation. People are
1:47:13
going to have to have those systems installed and maintained.
1:47:17
And we're going to need people for that. And that's
1:47:20
a job. You start your own HVAC company. You can
1:47:23
make some real fucking money.
1:47:24
Speaker 3: Oh, yeah.
1:47:25
Speaker 1: Absolutely.
1:47:26
Speaker 2: And even things like apprenticeships. If you get an apprenticeship,
1:47:29
you have a 90% chance of being retained to a
1:47:31
full-time position. Get into apprenticeships.
1:47:35
Speaker 1: Yeah.
1:47:35
Speaker 2: Like I know I'm just like a little fat dude
1:47:38
with some soft hands, but it's OK to do it.
1:47:41
Those are good jobs. They're good paying jobs. They're good
1:47:45
career position jobs.
1:47:47
Speaker 1: They are. And if you want a good job– and
1:47:49
it's also– it's like there's a weird thing with degrees.
1:47:54
Like degrees means your value as an intellect, as a
1:47:59
person who can think. You're a smart person. You went
1:48:02
to school and you got a degree. But if you
1:48:04
have a degree and you're fucking poor and– you know
1:48:07
what I'm saying? And you're depressed and this guy is
1:48:11
a tradesman and he's wealthy and he's making money. People
1:48:15
with degrees still will look down at this– oh, he's
1:48:18
a plumber? What the fuck does he know about how
1:48:20
this country works?
1:48:21
Speaker 2: I'm sorry. Some of the wealthiest people in our country
1:48:23
that have built the largest companies are college dropouts.
1:48:26
Speaker 1: That's true. Bill Gates.
1:48:28
Speaker 2: I can't just fully respect the college degree only, especially
1:48:32
when you can get the most bullshit degrees now and
1:48:34
especially where the average GPA and passing tests are. have
1:48:38
gone substantially higher because our standards are so much lower
1:48:41
in universities now. It's pathetic. It's becoming harder and harder
1:48:46
to respect the degree. There's good degrees. There really are,
1:48:49
but it's getting harder and harder to just respect it
1:48:51
as a blanket statement.
1:48:53
Speaker 1: Yeah. No, you're absolutely making sense. And it's also education
1:48:57
is so readily available. If you want to educate yourself,
1:49:01
there's just YouTube alone. you could kind of learn anything.
1:49:05
You can learn anything about anything. And if you're really
1:49:07
interested in actually doing the work and actually trying to
1:49:11
absorb the information, you can get a high quality education
1:49:14
without ever stepping into a university. Just with audio books,
1:49:18
just with YouTube, just with, I mean, there's so much knowledge,
1:49:22
much more than any other time in human history. So
1:49:27
the idea that the only way to get an education
1:49:30
is to go to these socially captured, these politically captured
1:49:34
environments and be force-fed this indoctrination of horseshit by communists
1:49:39
who have never had a real job and also be
1:49:43
in debt an insane amount of money because you're spending
1:49:47
more money for that education than you're going to spend
1:49:50
on anything else when you're fucking 18 years old. There's
1:49:52
nothing even remotely close to a year and a university
1:49:56
degree unless you're buying a new car every year. Like
1:49:58
what the fuck are you spending that kind of– how
1:50:00
much– like let's– What's Harvard a year right now? How
1:50:05
much per year is Harvard? What is it, 50, 60?
1:50:07
I don't know. Way more than that?
1:50:10
Speaker 3: Well, student loan balances people borrow on average ranges from $ 25, 000
1:50:11
to $ 40, 000 for just an.
1:50:12
Speaker 2: 18-year-old to sign away.
1:50:12
Speaker 1: Nuts.
1:50:13
Speaker 2: Well, through their four-year degree.
1:50:25
Speaker 1: It's crazy. It's crazy.
1:50:26
Speaker 2: And it's all administrative bloat now too. Yeah. It's not
1:50:28
even going to anything.
1:50:29
Speaker 1: It's also subsidized. Like the whole thing is gross.
1:50:31
Speaker 3: $ 62, 000 for undergrads.
1:50:33
Speaker 1: $ 62, 000 a year. What else are you spending $ 62, 000 a
1:50:37
year on? Now imagine– what's that, Jimmy? It's without fees.
1:50:40
Including housing, health fees, and student services. That's how you– Oh,
1:50:45
including housing, health fees and student services coming to approximately $ 86, 000
1:50:50
to $ 95, 000 before financial aid. So with housing, health fees
1:50:55
and human services, it could get to $ 95, 000 a year.
1:51:00
That's fucking crazy. And if you go through that and
1:51:03
you get a degree in gender studies, that's wild.
1:51:07
Speaker 2: Now, for a fact, there's a $ 62, 000 car out there.
1:51:11
But for a fact, they will not lend money. That
1:51:13
car amount to an 18-year-old. I don't know why they
1:51:16
would do it for a college degree.
1:51:18
Speaker 1: It is kind of nuts.
1:51:18
Speaker 3: New York Times, 1983. It's titled, 1980s Grads, Baby Boom
1:51:24
to Job Bust. This sounds a lot like right now.
1:51:28
But it doesn't mention anything about debt or AI.
1:51:31
Speaker 1: Yeah. So more than 900,000 of them in the 1980s
1:51:35
have discovered that they must put aside college daydreams and
1:51:39
settle for jobs that do not require a degree if
1:51:41
they want to work at all. So this was when? 1983. Whoa.
1:51:44
Speaker 3: Yeah, they're all going in for jobs and none of
1:51:49
the jobs that they want are available.
1:51:51
Speaker 1: Yeah. Go back to that. It says, yeah, the Federal
1:51:55
Bureau of Labor Statistics has long predicted that the number
1:51:57
of college graduates would exceed the number of technical, managerial,
1:52:01
and professional jobs available to them. A result in part
1:52:04
of a decade and a half long influx of well-educated
1:52:07
baby boom generation into the labor market. The problem is
1:52:13
like young kids, if you ask kids, the vast majority
1:52:18
of them, what they want to do, I think– I
1:52:22
know this is in California. It was like overwhelmingly they
1:52:24
wanted to be famous. Yeah.
1:52:27
Speaker 2: I mean we're in the world of influencers. It makes sense.
1:52:29
Everyone is trying to be a TikToker.
1:52:31
Speaker 1: Well, everyone is also wanting to do what you're doing.
1:52:34
Speaker 3: Yeah.
1:52:34
Speaker 1: You're an entertainer now. You're giving financial advice but you're
1:52:37
also an entertainer.
1:52:39
Speaker 2: Yeah, it's very cool and I wish everyone could do it.
1:52:42
Most of us aren't lucky. I got lucky. I don't know.
1:52:45
I mean this is not a realistic thing, right? We
1:52:46
got to be realistic.
1:52:47
Speaker 1: But what does that mean? If someone can do it,
1:52:50
you can do it. The numbers aren't good in terms
1:52:53
of like the amount of people that are going to
1:52:55
make it. But what are those factors that are keeping
1:52:57
people from figuring out how to do it?
1:52:59
Speaker 2: Well, you know what though? I wasn't fucking retarded about it.
1:53:02
I had a full-time job and I only allowed myself
1:53:06
to go full-time on this thing once I proved I
1:53:08
had enough income to replace it for a few months consistent.
1:53:11
Speaker 1: Yeah.
1:53:12
Speaker 2: Most people, they're like, let me just quit my job,
1:53:14
borrow some money and start recording some videos. Like you're
1:53:17
a moron. You're going to fail at that. I was strategic.
1:53:20
If I didn't work or if this didn't work for me,
1:53:23
I would still have that job because I didn't quit
1:53:25
that job.
1:53:26
Speaker 1: What were you doing?
1:53:27
Speaker 2: I was a product manager at a tech company.
1:53:30
Speaker 1: Did you hate it?
1:53:32
Speaker 2: Kind of. Actually, yeah. That's why I started applying for
1:53:34
other jobs and a YouTuber almost hired me. Then he didn't.
1:53:36
So I did it myself. This is kind of the path.
1:53:40
Speaker 1: So what was the job that you were going to
1:53:42
get hired for, the YouTuber?
1:53:44
Speaker 2: Do you know Tyler Oliveira?
1:53:46
Speaker 1: No.
1:53:47
Speaker 2: Oh, you've probably seen his clips. He runs around and, like, records, like, oh,
1:53:50
look at all these Indians in Frisco, that kind of stuff. Okay.
1:53:53
Either way, I was going to be, like, a production
1:53:56
manager for him. Good guy, but I just didn't get
1:53:59
the job. So, yeah, but I wanted to be a YouTuber.
1:54:01
Speaker 1: And so you decided, I'm going to just go and
1:54:03
do it myself.
1:54:04
Speaker 2: Yeah, I just recorded a– ordered a bunch of equipment
1:54:08
and set up– something and started recording financial audit because
1:54:11
it was a show i wanted to see but it
1:54:13
didn't it didn't exist yet so i decided to make
1:54:15
it myself.
1:54:16
Speaker 1: Really so no background at all in entertainment nothing no.
1:54:20
Speaker 2: I was like making stuff like making music that's why
1:54:22
i went to college making youtube videos with friends in
1:54:26
high school but.
1:54:27
Speaker 1: In an ideal world would you be making music No.
1:54:31
Speaker 2: I'm way richer than those people.
1:54:33
Speaker 1: But is that what you like better than the actual
1:54:35
music itself?
1:54:35
Speaker 2: No, this is so much more fun because it impacts
1:54:38
more people's lives. It really does. Like, that's fucking cool.
1:54:41
I mean, there's a lot of YouTubers, but being able
1:54:45
to leave a legacy and actually say that you've helped
1:54:48
tens of thousands, if not hundreds of thousands of people
1:54:50
actually fix their lives, that's actually something special.
1:54:53
Speaker 1: Yeah.
1:54:54
Speaker 2: That's something special that not a lot of people get
1:54:56
to say. So I don't want to give that up.
1:54:58
Speaker 1: That is cool. But do you still do music at all?
1:55:02
Speaker 2: Not really. It was like concert band composition. And I'll
1:55:05
be honest, I don't think they would let me into
1:55:07
the world because I'm right-wing coded. It sounds like a joke,
1:55:13
but it's actually real. If you go on the music
1:55:16
side of Facebook where they all are different band directors
1:55:18
and different things like that, they're all very, very woke,
1:55:24
which is cool. I'm down to hang out with them,
1:55:27
grab a beer with them, but they don't. They kick
1:55:30
you out. Wow.
1:55:31
Speaker 3: Yeah.
1:55:32
Speaker 2: It's pretty toxic. But no, I mean, for fun, I
1:55:36
write a little on the side. But my passion is
1:55:38
this thing.
1:55:38
Speaker 1: Do you perform music or you just write it?
1:55:40
Speaker 2: I used to play trombone, but it was mostly writing it.
1:55:43
That was the passion. But my passion is building my
1:55:46
business now. I have 40 people that work for me
1:55:48
here in Austin. It's really cool.
1:55:50
Speaker 1: You have 40 employees? Yeah.
1:55:52
Speaker 2: We're doing a lot of different things. We have over 100,000
1:55:57
people to our paid membership on YouTube. So that's an
1:56:00
entire business on its own. It's crazy huge.
1:56:03
Speaker 1: So what is the paid membership? What's the difference between
1:56:05
the paid membership and the free membership?
1:56:07
Speaker 2: It's $ 10 a month and they get access to, we
1:56:10
put on three premium shows that me and my production
1:56:13
staff make daily. So we have a whole almost like
1:56:16
network for them to consume behind the paywall.
1:56:18
Speaker 1: And what are these shows about?
1:56:20
Speaker 2: It's a variety of things. It's breaking down financial audit episodes.
1:56:23
We have a show called Fat and Fatter were me
1:56:25
and one of my talent people or whatever. We test
1:56:31
food from different restaurants and rank them based on finances.
1:56:33
They're all finance-based shows. So there's just these really cool,
1:56:37
fun things that engage with the community. And they love
1:56:40
supporting us. So almost 110,000 people a month subscribe to that,
1:56:45
which is really cool.
1:56:45
Speaker 1: That's amazing.
1:56:46
Speaker 3: Yeah.
1:56:46
Speaker 2: And then the budgeting app DollarWise that we're building, financial audit.
1:56:51
And then we have these personal services on our own
1:56:53
website as well. So people can apply for personal loans
1:56:56
and things like that. So we're trying to really scale
1:56:58
something and that's much more of a passion than writing
1:57:01
music ever was. So it's, it's much more fun.
1:57:04
Speaker 1: That's very interesting. So, so you're doing that. You've got
1:57:07
the dollar wise app. You have this YouTube thing where
1:57:11
people can subscribe. So, but you seem like you've got
1:57:14
some plans to build out and to take this even further.
1:57:18
Oh yeah.
1:57:18
Speaker 2: We want to scale this budgeting app like a lot.
1:57:21
We want to Really make it one of the top
1:57:23
dogs out there and really provide a value that isn't
1:57:25
being met in the marketplace. I'd love to build up
1:57:29
some other YouTubers at some point. We have figured out
1:57:33
the algorithm. We figured out what people like. And I
1:57:36
want to help other people that want to create different
1:57:38
finance content. Because finance content is boring, like you said.
1:57:42
And we found a way to make it interesting and entertaining.
1:57:44
I'd love to help some other people launch their stuff.
1:57:47
And then like the personal financial tools. Similar to like
1:57:50
what Ramsey has, Dave Ramsey. They connect people with mortgages
1:57:53
and stuff. We want to make sure we can provide
1:57:55
that but in a way that isn't so limited and
1:57:57
stringent to a strict ideology. So there's a lot in
1:58:01
the market that's not being met that I really want
1:58:04
to build out.
1:58:05
Speaker 1: And for young people, like to have a resource like
1:58:08
that where there's someone who doesn't have a boyfriend. stale
1:58:11
sort of perspective that could teach you how to budget
1:58:13
yourself and how to like take your money and invest it.
1:58:16
And then I'm sure there's a ton of online platforms
1:58:21
that show you how to cook, that can show you
1:58:24
how to shop, how to– how you can save money
1:58:27
by going to a grocery store and What's cost effective
1:58:31
and getting your nutrition in but also saving some money?
1:58:35
Speaker 3: Yeah.
1:58:36
Speaker 2: What's the question? I'm sorry.
1:58:37
Speaker 1: No. So it's like it's a beautiful time for young
1:58:40
people if they access these things. I'm just saying that
1:58:43
like for young people that are listening to you and
1:58:46
like I don't know what to do. Oh, you're right. Oh,
1:58:49
I do spend– like let me look at the amount
1:58:51
of money I spend just getting DoorDash. Holy shit. That's crazy.
1:58:55
That's actually a large percentage of my check. And how
1:58:58
much would it be if I just went to the
1:59:00
grocery store once a week and I got all my
1:59:02
food for the week? Jesus Christ, I'd save $ 300. Here's
1:59:06
the reality.
1:59:07
Speaker 2: You don't get to have fun if you don't have
1:59:09
a fully funded emergency fund. That's a basic reality. Only
1:59:13
60 percent of Americans can cover a $ 400 emergency, meaning
1:59:16
40 percent can't. That's $ 400.
1:59:18
Speaker 1: So when you say emergency fund, what do you consider
1:59:21
an emergency fund?
1:59:23
Speaker 2: So there's a debate between three months to six months
1:59:25
of everything you need to live for a month. I'm
1:59:27
on that six-month side because, you know, things like the
1:59:29
pandemic and shutdowns, we're in that kind of world now.
1:59:32
So we may as well go that full way, get
1:59:35
a six-month emergency fund that protects you in case of
1:59:37
layoffs or just losing money or a medical emergency, whatever
1:59:41
it may be.
1:59:42
Speaker 1: You got a lifeline.
1:59:43
Speaker 2: But that's basic. Like that is so critical to life
1:59:47
for like a sick pet or a broken car that
1:59:49
if you don't have that, I don't want to see
1:59:52
you in a drive-thru. That can't be acceptable. Going on
1:59:57
a vacation is not acceptable if you can't protect you
2:00:00
and your family at the basic level. I'll give you
2:00:02
a little bit of grace if you're not fully investing. OK,
2:00:05
but this is like basic survival shit. It needs to
2:00:08
be just as critical as having like a first aid
2:00:10
kit in the house because it's that serious. And that's
2:00:13
what causes Americans to just fuck up their houses financially.
2:00:18
An emergency happens. A layoff happens and they're not ready.
2:00:21
It's scary and people are not ready.
2:00:24
Speaker 3: I know.
2:00:24
Speaker 1: It's like the problem is hearing that with young people.
2:00:28
It's like that's boring.
2:00:29
Speaker 3: It is.
2:00:30
Speaker 2: I know.
2:00:31
Speaker 1: They don't want to think that way. They just want
2:00:33
to go have fun. They want to play video games.
2:00:34
They want to go to the bar. Which is fair.
2:00:37
Speaker 2: But a six-month emergency fund isn't that crazy. It's not
2:00:39
saving millions for retirement. Do that. Then have some fun.
2:00:43
Get to three months. Then have a little bit of
2:00:45
fun while you're saving to six. Just that. Or at
2:00:49
least at a minimum be able to cover your highest
2:00:51
insurance deductibles. Or like a one-month emergency fund. Have something.
2:00:55
The fact that 40% don't have $ 400 set aside, not
2:00:59
for a rainy day, for an actual emergency, is terrifying.
2:01:03
Speaker 1: Yeah. So now, what are your thoughts on crypto?
2:01:06
Speaker 2: I like crypto. I have a small amount of Bitcoin
2:01:10
in my portfolio. It's pretty good. 10% of Americans use
2:01:14
it as an investment tool. So it's still pretty small
2:01:17
for the overall American public. But I mean, I... I
2:01:22
like it in general. Have we hit the full bubble
2:01:25
and pullback? I wonder.
2:01:27
Speaker 1: I'm curious. The crypto outside of Bitcoin gets very odd.
2:01:31
Like meme coins and– I'm heavily invested in Melania coin.
2:01:36
I don't know about you. No.
2:01:37
Speaker 2: Not personally.
2:01:38
Speaker 1: I'm kidding.
2:01:39
Speaker 2: Not in my portfolio.
2:01:40
Speaker 1: There's like things like that where like what's going on?
2:01:43
Like who's putting their money into the Hoctua coin? Yes.
2:01:47
You know what I mean? It's like this is– it's
2:01:49
a very weird gambling thing we're doing.
2:01:51
Speaker 3: Mm-hmm.
2:01:51
Speaker 1: It's like the legal pyramid scheme.
2:01:53
Speaker 2: Yes, exactly. And it's mostly just used by people for
2:01:56
a get rich quick.
2:01:57
Speaker 1: Real quick.
2:01:58
Speaker 2: I don't even know if she made money.
2:01:59
Speaker 1: I think she got fucked. I think she got fucked
2:02:02
and her reputation got destroyed. Like people hated her. They're
2:02:05
angry at her afterwards.
2:02:06
Speaker 2: Yeah, she gets like 5,000 views a video now. It's
2:02:08
pretty brutal.
2:02:08
Speaker 1: I think she got sucked into this idea somehow or
2:02:12
another that it was going to be OK. Like the
2:02:15
people that got sucked into the NFT thing. I mean, man,
2:02:18
how many conversations do we have about NFTs where I
2:02:21
was trying to get someone to explain it to me?
2:02:23
Like no one can explain this to me in a
2:02:25
way that makes sense why I can get that same
2:02:27
picture and put it on my phone and it's free.
2:02:31
But you have that picture on your phone and you
2:02:33
own it.
2:02:34
Speaker 2: And then it died in six months. Right.
2:02:36
Speaker 1: But that was one where I was like, what are
2:02:38
they trying to sell and how are so many people
2:02:42
buying it? Where if you can't explain to me what
2:02:45
you're selling, but yet millions of dollars. I know a
2:02:48
guy who made over a million dollars in art NFTs.
2:02:52
Speaker 3: Yeah.
2:02:52
Speaker 2: No, it's an actual thing. And I think what every
2:02:54
single person that gets in every pump and dump thinks
2:02:57
they're going to do is get the pump but not
2:03:00
the dump. They think they're going to be that exception.
2:03:03
They're not going to be. It's like day trading. Day
2:03:06
trading is even better. And that's still only 85 or
2:03:08
15 percent win. Only 15% win day trading.
2:03:13
Speaker 1: Really?
2:03:13
Speaker 2: Which is higher than you'd think.
2:03:14
Speaker 1: Yeah. Wait a minute. So 85% lose at day trading?
2:03:17
Speaker 2: Yes. Actual like day trading, like inter-day trading.
2:03:20
Speaker 1: It's brutal. Holy shit.
2:03:22
Speaker 2: Those pump and dumps are even worse. But everyone's a
2:03:24
special little snowflake. They think they're going to be the one.
2:03:28
They're going to beat the system. Yeah. It doesn't work.
2:03:31
But I think there's some good value in like Ethereum
2:03:34
or Bitcoin. It's actually being utilized.
2:03:37
Speaker 1: Aren't these meme coins also a good way to launder money?
2:03:41
Speaker 2: Oh, well, 100 actually. That's interesting. I bet. I wouldn't
2:03:45
be surprised.
2:03:46
Speaker 1: So certainly distribute money to people.
2:03:48
Speaker 3: Sure.
2:03:48
Speaker 1: Like if you made a Caleb coin. Yeah. And I said,
2:03:50
what do you think? I got an idea. Why don't
2:03:53
you and I collaborate? I'll finance your Caleb coin and
2:03:57
you dump out early and you get all this money
2:03:59
from it and fuck all these other people that thought
2:04:01
they were going to make money and they're not going
2:04:03
to anyway. And now you've got that money and now
2:04:05
we're going to work together to do something else.
2:04:08
Speaker 3: Yeah. Yeah.
2:04:09
Speaker 1: No, it's crazy. It's a way to move money around
2:04:11
in a way that's not directly financially compensating someone, but
2:04:14
yet you are.
2:04:15
Speaker 2: And there's entire websites dedicated to the pump funds. I
2:04:18
think it's like pump.fund.
2:04:20
Speaker 1: Really?
2:04:20
Speaker 2: Pump.fund, something like that. You can make a coin. You
2:04:22
can invest in a coin. It's all for pumps, but
2:04:24
they just– everyone thinks they're going to be a part
2:04:26
of the pump, not the dump. It's crazy.
2:04:30
Speaker 1: But it's– this is the wild west of unregulated currency. Yeah.
2:04:34
And my fear– is people are going to eventually wind
2:04:39
up being stuck in a centralized digital currency that the
2:04:43
government controls. It's attached to a social credit score system
2:04:47
and– OK.
2:04:49
Speaker 2: That's scary.
2:04:50
Speaker 1: That's a scary thought.
2:04:51
Speaker 2: That's further down a scary path.
2:04:52
Speaker 1: Well, people have actually proposed that saying that we need
2:04:55
this to compete with China. I've heard this. Really? Yeah.
2:04:58
I've heard this being proposed by politicians. It's quite terrifying.
2:05:01
Because if they can turn your money off or on,
2:05:04
if they have it, and turn your ability off or
2:05:06
on to buy things, whether you can buy plane tickets
2:05:09
or if you're not– if you're problematic, you've done something.
2:05:14
That's crazy. But that's where all this control goes to. Sure.
2:05:19
It definitely goes to like what's the best way to
2:05:20
control people? Completely eliminate their ability to spend money. Lock
2:05:24
their money up.
2:05:25
Speaker 2: We'll still let people smoke meth on the trains.
2:05:28
Speaker 1: Yeah. We have a racist system, Caleb, and a lot
2:05:32
of these people have been victimized from the time they're young.
2:05:38
I've always said that if you want to make America great,
2:05:41
really what you've got to do is have less losers.
2:05:43
So figure out what's going on, like why there's so
2:05:45
many people that are homeless, why there's so many people
2:05:47
that are locked into these crime-infested neighborhoods and gang-infested neighborhoods,
2:05:53
and this cycle completes itself over and over again, decade
2:05:57
after decade, like Invest money in that. You want to
2:06:00
make the world a better place? Fix all that. But
2:06:02
there's no effort to do that whatsoever and no politicians
2:06:05
ever bring it up. It's never a discussion.
2:06:07
Speaker 2: Yeah, and it's good to set up incentives in the
2:06:11
system as well. So California is moral on a lot
2:06:15
of things with their social programs. But because a lot
2:06:18
of their social programs and everything they've set up and
2:06:20
safety nets, they're 49th in unemployment. Like it's not great.
2:06:24
The incentive isn't there. For people to go out.
2:06:27
Speaker 1: Is that really what they are at 49?
2:06:28
Speaker 2: I think they were 50th until recently.
2:06:30
Speaker 1: Oh, God. Yeah.
2:06:32
Speaker 2: No, it's not great. But an incredible tech boom and whatnot.
2:06:35
But when the incentives are easy to manipulate and take
2:06:40
advantage of.
2:06:41
Speaker 1: What percentage of people in California are unemployed?
2:06:44
Speaker 2: I don't know.
2:06:44
Speaker 1: Let's find that out. It's 48 now. California is moving
2:06:51
on up 5.3%. But that's also 5.3% of people that
2:06:54
are actively looking for jobs.
2:06:56
Speaker 2: Exactly.
2:06:57
Speaker 1: They drop off as soon as they stop looking for
2:06:59
a job.
2:07:00
Speaker 2: Which many of the young men are not. They're not
2:07:03
doing anything.
2:07:04
Speaker 1: And how are they making money? I don't know. Parents?
2:07:07
I don't know.
2:07:07
Speaker 2: It's pretty pathetic, I'll be honest.
2:07:10
Speaker 1: Imagine if you're a fucking parent in your 60s and
2:07:13
your 40-year-old son Is living at home with you?
2:07:18
Speaker 2: No, I was pulling up some nerd stats before coming
2:07:22
on here. And I was reading through Bureau of Labor
2:07:26
Statistics or Gallup poll that 40% of people aged 18
2:07:31
to 29 regularly receive help from family and relatives.
2:07:36
Speaker 1: Wow.
2:07:37
Speaker 2: Which is an incredible percentage of that age group. That's scary.
2:07:42
Speaker 3: Yeah.
2:07:43
Speaker 2: Again, the incentive is like, I don't know. When I
2:07:46
was 18– I'm not even that old.
2:07:48
Speaker 1: I'm 31.
2:07:48
Speaker 2: But when I was 18, I was so excited to
2:07:49
go out there and be independent and be on my own.
2:07:51
Speaker 1: That was everything.
2:07:52
Speaker 2: I was so excited to make my way in this world.
2:07:55
I wouldn't want to leech. I wouldn't want to leech
2:07:57
on any system. I'd want to but maybe that's why
2:08:00
I'm successful. I don't know. Maybe I am.
2:08:02
Speaker 1: That definitely has a fact. It's a part of it.
2:08:05
It's a factor.
2:08:06
Speaker 2: But there's a lot of people that just do nothing
2:08:08
and they're not looking for anything else. And it's, I
2:08:10
don't think we should, we should support those who need help.
2:08:14
I'm for robust social safety systems, people that become unemployed
2:08:17
and People that need help getting food on the table
2:08:19
for the family. That stuff is important. But if we
2:08:22
are enabling bad behavior, it doesn't work. And then we
2:08:26
have a failed society because people aren't going and creating things. Luckily,
2:08:28
we're not there yet, but I just don't want to
2:08:30
head there.
2:08:31
Speaker 1: Yeah. And the recognition of human nature is not cruelty.
2:08:34
It's just you really can't help people all the time.
2:08:37
They have to be able to help themselves. And one
2:08:39
of the best motivating factors for helping yourself is desperation.
2:08:44
Speaker 3: Yeah.
2:08:45
Speaker 1: People don't like to hear that, but that's true. If
2:08:47
you bail people out every time, they're never going to
2:08:50
bail themselves out, and that's just a fact. This doesn't
2:08:53
mean that a family that's on hard times, that's down
2:08:55
on their luck, shouldn't get social safety nets. Of course
2:08:58
they should. That's a big part of a community. A
2:09:01
community should help its vulnerable people. It's a part of it,
2:09:04
but you also have to teach people how to not
2:09:05
be vulnerable. I think that's a great part of what
2:09:09
you provide.
2:09:09
Speaker 3: How does this make any sense?
2:09:11
Speaker 1: What does it say? I mean, it's a California holds
2:09:15
contrasting unemployment rankings depending on the metric. It ties for
2:09:19
the highest unemployment rate in the nation but places second
2:09:22
overall for the best states to work due to strong
2:09:25
wage policies and worker rights. But that's also probably why
2:09:28
a lot of people are unemployed. Yeah.
2:09:30
Speaker 2: It means those that get a job have it great.
2:09:32
I mean same thing happens in places like France where
2:09:34
they have aggressive unemployment. But if you get a job
2:09:37
there with the vacation policies and worker rights, it's like
2:09:40
the best thing in the world.
2:09:42
Speaker 1: It's incredible.
2:09:43
Speaker 2: Like even in Poland, which is one of the more
2:09:46
capitalistic countries in the EU, if you get fired, they
2:09:49
still got to let you work for them for a
2:09:51
month or two.
2:09:52
Speaker 1: Oh, really? Yeah.
2:09:53
Speaker 2: Like you have to let the employee you fired work
2:09:56
for you for a couple of months still. It's pretty brutal.
2:09:58
Speaker 1: So they have to still show up?
2:10:00
Speaker 2: Yeah, they still have to show up.
2:10:02
Speaker 1: So when you get fired, you have a two-month grace period?
2:10:05
Speaker 2: Basically. Basically.
2:10:07
Speaker 1: Wow. Imagine how bad that guy is going to perform.
2:10:10
When he has to get paid and he's there for
2:10:13
two months and you have to deal with this disgruntled
2:10:14
asshole kicking around the office.
2:10:17
Speaker 3: Yeah.
2:10:17
Speaker 2: So that's what I'm talking about when I'm talking about
2:10:19
performative policies.
2:10:20
Speaker 1: It's nice.
2:10:20
Speaker 2: It sounds good. I don't morally disagree with most of
2:10:24
anything California does. All I care about is outcomes. But
2:10:28
politicians don't get elected based on outcomes. They get elected
2:10:31
based on what sounds good in an election cycle, what
2:10:34
they can promise, the performative things they promise. Outcomes are
2:10:38
never tracked. They're not what matters. That outcome is 48th
2:10:41
in unemployment. That's the actual outcome. You are a little
2:10:45
anti-California when I see clips and you didn't even know
2:10:48
it was 48th. Like that is crazy. Like we should
2:10:51
know that. But outcomes is not what's tracked here. We
2:10:54
don't track that. It's not in our nature. It's not
2:10:57
in the politician's nature either.
2:10:58
Speaker 1: Well, it's just such a problem with people that finance
2:11:01
and talking about money and talking about jobs is just
2:11:04
not sexy. They just don't enjoy it. Yeah, for sure.
2:11:07
And it's part of the reason why so many people
2:11:10
are on these bad paths is that they don't have
2:11:13
these thoughts in their head. They don't really understand. And
2:11:15
I think that's one of the more important things about
2:11:17
these conversations that you're having is that people do need
2:11:20
to hear what the consequences are for fucking up, what
2:11:23
the consequences– and that there's a path forward, that you
2:11:26
can actually fix your fucking situation.
2:11:28
Speaker 2: Everyone– we are so lenient in this country with our
2:11:31
bankruptcy protection laws. It's crazy. We are– If there is
2:11:36
a place to escape a bad financial situation you're in,
2:11:39
the United States is pretty damn good.
2:11:42
Speaker 1: Except for student loans.
2:11:43
Speaker 2: Except for student loans. 11% of current federal student loans
2:11:47
are under default. That's the biggest of any kind of
2:11:50
debt category in the country. It's bad. And people don't
2:11:53
understand the consequences. And you know what's so stupid? This
2:11:55
is what pisses me off because I have people talk
2:11:57
to me about it all the time. They say the
2:11:59
student loan system is fucked. And relatively, it is. But
2:12:01
they get why wrong. They say this is too expensive.
2:12:05
I can't pay it. And if I don't pay it,
2:12:08
then they're going to garnish my wages because it went
2:12:10
into default. Brother, Republican Donald Trump signed in the big,
2:12:15
beautiful bill, the repayment assistance program, which is different than
2:12:18
the previous program. But that allows as little as 1%
2:12:21
of your income, depending on your income situation, to qualify
2:12:26
as the minimum monthly payment. 1%. You won't default. Do 1%.
2:12:32
But they're complaining that it's too expensive. They're just not
2:12:34
willing to look into the actual reality and just say, hey,
2:12:39
give me on the repayment assistance program. They just want
2:12:41
to be victims. Say it's all bad. It's all evil.
2:12:44
It's not perfect. But they don't understand why. They complain
2:12:46
about the wrong thing. What's wrong is we'll let you
2:12:49
borrow whatever you want to get whatever bullshit degree at
2:12:51
whatever college you want to go to. That's what's wrong.
2:12:54
Every time we raise how much you can borrow for school,
2:12:57
schools conveniently raise how much it costs to go to school.
2:13:02
When it was cheap to go to school, when everyone
2:13:03
was like, back in my day, it was cheap to
2:13:05
go to school. It didn't– you couldn't borrow money to
2:13:09
go to school. It's set in line.
2:13:12
Speaker 1: Right, right.
2:13:14
Speaker 2: Why wouldn't they charge more for administrative blow in creating–
2:13:18
like southern schools have, I think in Alabama, a freaking–
2:13:22
Lazy River on their campus. It's a recruitment tool. They
2:13:26
do that. If you can borrow more money, they will
2:13:28
charge more money.
2:13:29
Speaker 1: What does it say, Jimmy?
2:13:31
Speaker 3: You can technically get your student loans discharged via bankruptcy.
2:13:35
There's just a few different ways to do it.
2:13:36
Speaker 1: But it's not automatic and takes extra steps and proof
2:13:39
of undue hardship. What is that? How do they define
2:13:42
undue hardship?
2:13:43
Speaker 3: Well, you've got to go to a judge.
2:13:46
Speaker 1: So, like, maybe if you got paralyzed? Paralyzed.
2:13:49
Speaker 3: Honestly, it's going to be case by case, but I
2:13:51
just– I've looked it up a couple times and it's not.
2:13:55
Speaker 1: It's just difficult. Yeah. It's just a– It's not impossible.
2:13:58
A trudge.
2:13:58
Speaker 2: It's pretty rare as far as I know.
2:14:00
Speaker 1: Yeah, as far as I know as well. Listen, Caleb,
2:14:03
I think what you provide is very valuable. I really do.
2:14:05
Thank you, sir. And you've found like this new avenue
2:14:09
where you're entertaining but you're talking about finances and giving
2:14:14
people like really good advice, like sound advice and And
2:14:17
if you don't follow your advice, like people are going
2:14:20
to continue down the same fucking shitty road and their
2:14:23
life will be ruined. And I think it's awesome that
2:14:25
you do that. And it's awesome that you figured out
2:14:27
a way to do it and make it entertaining and fun.
2:14:30
Thank you.
2:14:30
Speaker 2: I appreciate that.
2:14:31
Speaker 1: So my pleasure. Thank you. Thanks for being here. And
2:14:33
one more time, your app. Tell everybody.
2:14:35
Speaker 2: Dollar Wise. Download it on the App Store.
2:14:36
Speaker 1: Dollar Wise from the App Store, Android as well, something
2:14:40
like that. And your YouTube channel is?
2:14:43
Speaker 2: Caleb Hammer.
2:14:44
Speaker 1: Just straight up. And then Instagram, all that stuff.
2:14:46
Speaker 2: All that good stuff.
2:14:47
Speaker 1: All right.
2:14:48
Speaker 3: Thanks, sir. Bye, everybody.